The Government raises the maximum contribution to employment pension plans to 10,500 euros, and decreases in individual to 1,500

Pension plans

It has been confirmed by Government sources after the extraordinary Council of Ministers on the occasion of the PGE of 2022.

October 7, 2021 13:59

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New transfer of tax benefits from individual pension plans to employment plans. The maximum annual contribution to deduct in the personal income tax in the first will drop from the 2,000 to 1,500 euros , while in the seconds it will rise from 10,000 euros to 10,500.

This has been confirmed by Government sources after the Extraordinary Council of Ministers held this Thursday in which the master lines of the General State Budgets for 2022. In them, a investment record is established, with 46% more for housing policies and doubling spending on youth.

It will be the second fiscal transfer from some private plans to others in two consecutive years. This is the first year where the maximum annual contribution in individual plans is not 8,000 euros as before, but 2,000, while in business plans it is no longer 8,000, but 10,000.

This measure with respect to private retirement plans is in addition to the one announced on Tuesday, in the ordinary Council of Ministers, that those affected by the La Palma volcano will be able to rescue their pension plan. An extraordinary measure that follows the formula established in March 2020 on the occasion of Covid-19.

Net benefits in both systems

At the end of June, the group of private pension systems managed more than 124,000 million euros in assets, according to Inverco. Of these, almost 86,250 million were in the individual system and about 37,000 million came from the system of employment. The rest were in associated plans.

Despite having transferred tax benefits from one to the other, the truth is that the first half of the year has been disastrous for both types of financial vehicles finalists. The individual plans registered net benefits of 193 million and those of employment, 72 million.

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