Plan and Fund
Pension plans are subject to extensive regulation and supervision involving the following agencies:
The Board of Trustees
It supervises the plan, its operation and proper execution.
The Asset Manager
It is in charge of making investment decisions regarding equity. These decisions should always be in line with the Plan’s Investment Policy.
It is responsible for the custody of the securities and financial assets in the fund’s portfolio. By law, the Management Company and the Custodian must be independent entities, since they are responsible, among other things, for supervising each other.
- The Asset Manager
- Depositary: Cecabank, S.A.
- Insurer of the insurance policies linked to the Plan: VidaCaixa, S.A.U. de Seguros y Reaseguros.
Legally, every Pension Plan must be attached to a Pension Fund that integrates its contributions.
It may happen that a given Fund integrates the contributions of several Pension Plans.
In our case, Pensions Caixa 2, FP ’s only integrates the contributions made in the Caixabank Associated Collective Plan.
Since Pensions Caixa 2, FP’s only integrates the Caixabank Associated Collective Plan, the governance of both the Plan and the Fund is carried out through a single Board of Trustees. Therefore, the Board of Trustees governs in accordance with the functions attributed to it in the Specifications of the Associated Collective Plan of Caixabank, S.A. and the Operating Rules of Pensions Caixa 2, Fondo de Pensiones.
The Board of Trustees is the representative organ vis-à-vis participants and beneficiaries, as well as third parties
The Board of Trustees is composed of 9 members, 8 representing the active members and 1 representing the beneficiaries in the event that the beneficiaries exceed 20% of the number of participants and beneficiaries of the plan. At present, this percentage is not reached, so the 9 members of the Board of Trustees act on behalf of the active members .
The designation and election of members is carried out through the corresponding electoral process contemplated in the Specifications.
Once elected, representation is for a term of four years and they may be re-elected.
Attendance at meetings of the Board of Trustees may be in person (in person or by telematic means) or by proxy conferred to another member of the Board of Trustees.
Each member of the Board of Trustees shall have one vote. The right to vote can be exercised through another member through delegated representation.
The agreements will be adopted, at least, by simple majority, except for some aspects included in the specifications in which a qualified majority of 80% of the members of the Board of Trustees (8 members) will be required.
A record of each session will be drawn up that must be kept at the disposal of the spanish regulator.
The investment policies are designed jointly by the Manager, the Control Commission and a Consultant that advises and supports the Control Commission in all the management it carries out.
The Investment Policy is reflected in the Declaration of Investment Policy Principles (DPPI).
Participants and beneficiaries
- Personnel with an employment relationship at Caixabank, S.A.
- People in early retirement from Caixabank S.A. or of any of the companies integrated by virtue of corporate operations.
- People who, without having an employment relationship with Caixabank, S.A, have rights to contribute by Caixabank to the Caixabank Employment Pension Plan.
- People who have terminated their employment relationship with Caixabank, S.A. by virtue of any of the extinction measures included in a collective dismissal process with an employment agreement, as long as they maintain their status as participants, suspended participants or beneficiaries of the Caixabank Employment Pension Plan.
The condition of beneficiary is acquired through its recognition by the managing entity, in accordance with the provisions of the Specifications and the applicable regulations when, once the contingency occurs, the person designated as such or his legal representative requests the provision and duly accredits his condition and the right to benefit.
The beneficiaries will always be natural persons.
The beneficiary will be considered:
- In the event of retirement or disability, the participant himself.
- In the event of the death of the participant or beneficiary of the benefit, those persons who demonstrate the right to receive a benefit according to the Plan Specifications.
Through Caixabank Now. Within your Plan we indicate the route:
See options / Manage beneficiaries / New beneficiary designation.
You will be able to make contributions and transfer your consolidated rights from other pension plans to this one, both internal and from other entities.
It is not possible to contract the Caixabank Associated Collective Plan at Caixabank Now. It is only and exclusively contractable from the office and through the Financial Terminal.
It is only contractable through the Financial Terminal and in person at the Caixabank offices.
No. This product is exclusively for employees.
Yes. Both from Caixabank Now and from an office through the Financial Terminal.
No. There is no limitation. It can be done from an office through the Financial Terminal or through Caixabank Now.
Of course, it is a very interesting possibility due to its low management fees. The decision should consider that the investment policy of the Fund is consistent with your risk profile.
Contribution limits, taxation and redemptions
Contributions to individual and associated pension plans have become limited to a maximum of 1,500 euros per year. This amount applies jointly, so if you have several plans, the annual maximum that can be contributed as the sum of the contributions to all of them is 1,500 euros.
In the case of occupational pension plans, there is a maximum joint limit of 10,000 euros per year, of which the participant’s contributions may not exceed 1,500 euros to which it is limited (including individual pension plans). The employer could contribute the total of 10,000 euros, leaving in this case the participant without being able to make any individual contribution.
Examples of contributions:
- Scenario 1: Person who works for someone else. The company contributes € 3,500 per year to the employee’s pension plan, business social security plan or mutual social security. The employee can contribute an additional € 1,500 (maximum individual contribution) to any social security instrument, including associated or individual pension plans.
- Scenario 2: Person who works for someone else. The company contributes to the employee € 8,500 per year to the employment pension plan, business social security plan or social security mutual fund. The employee can contribute an additional € 1,500 (up to € 10,000) to any social security instrument, including associated or individual pension plans.
- Scenario 3: Person who works for someone else. The company contributes € 10,000 per year to the employee to the employment pension plan, business social security plan or social security mutual fund. The employee cannot contribute any additional amount to social security instruments.
Tax residents in Pais Vasco:
- They can contribute up to a maximum of € 5,000 per year to individual EPSV or individual pension plans. In the event that the employer contributes to an EPSV or employment pension plan, the maximum joint contribution is 12 thousand euros per year including employment and individual plans.
Tax residents in Navarra:
- Those under 50 may contribute a maximum of 2,000 euros per year, while those over 50 may contribute up to 5,000 euros per year.
Contributions to pension plans are deductible in the income statement, reducing the tax base up to the established legal limit. Said deduction limit will be the lower of the following amounts:
- 1,500 euros (provided that the promoter contributions to the Employment Pension Plan do not exceed 8,500 euros)..
- 30% of net income from work.
In the case of having made contributions that are not deductible (for having exceeded the limit) in personal income tax, the excess can be transferred to the following five fiscal years.
Tax residents in Pais Vasco:
A maximum of 12,000 euros per year may be deducted (5,000 euros per year in the case of individual systems, up to 12,000 euros for business contributions).
Tax residents in Navarra:
- Under 50 years: maximum annual deductible contribution of € 2,000 or 30% of income from work and economic activities (the lesser of these amounts).
- Over 50 years: maximum annual deductible contribution of € 5,000 or 50% of income from work and economic activities (the lesser of these amounts).
In general, the consolidated rights can be redeemed in the event of:
For the determination of the contingency, the provisions of the corresponding Social Security regime will be followed.
Likewise, the benefit corresponding to retirement may be accessed when the participant, whatever his age, terminates his employment relationship and becomes legally unemployed as a result of a collective dismissal process with an employment agreement.
- Death of the participant or beneficiary.
It can generate the right to widowhood and orphan benefits, in favor of other heirs or designated persons.
- Total and permanent work disability for the usual profession, or absolute and permanent for all work, and severe disability, determined in accordance with the corresponding Social Security Regime.
Due to the disability contingency, the beneficiary may rejoin the Plan, losing his status as beneficiary if, as a result of the review of his situation or for any other reason, he is rehabilitated and rejoins the active service of CaixaBank, S.A.
- In the event of an exceptional liquidity situation (long-term unemployment or serious illness)
This plan does not contemplate such situations. However, the participant always has the option of mobilizing his consolidated rights to a pension plan that does contemplate them.
Likewise, the Advance Disposition of rights is contemplated so that as of January 1, 2025, the participant may dispose of the amount in advance, through a single payment or in successive payments, of their consolidated rights corresponding to contributions made with at least ten years seniority, including the consolidated rights existing as of December 31, 2015 under the terms, conditions and limits provided for in current legislation.
If collected in the form of income, the pensions received are considered income from work in personal income tax, and will be subject to the corresponding withholding if they exceed the amounts on which there is no withholding obligation.
If it is collected in the form of capital, the amount received has the consideration of income from work in personal income tax, considering that the perceived amount derived from contributions made before January 1, 2007, enjoys an exemption of 40%.
To consult more information regarding the taxation of the Pension Plan, you can go to the website of the Tax Agency: