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SPANISH PENSION CONTRIBUTIONS

SPANISH PENSION CONTRIBUTIONS

Old Nov 12th 2014, 10:53 pm
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Default SPANISH PENSION CONTRIBUTIONS

Has anyone made voluntary contributions to the Spanish government pension system as a way of saving tax?

I have been told it is tax efficient, I am planning to take professional advice but would be interested to hear the comments of anyone here with knowledge/experience of this option.
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Old Nov 12th 2014, 11:47 pm
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Default Re: SPANISH PENSION CONTRIBUTIONS

If the rules are still the same you would need to pay in 15 years worth before you get anything back.
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Old Nov 12th 2014, 11:50 pm
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Default Re: SPANISH PENSION CONTRIBUTIONS

No I think that is normal contributions, I am talking about special contributions which are tax efficient.
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Old Nov 13th 2014, 2:16 am
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Default Re: SPANISH PENSION CONTRIBUTIONS

Hi,
We have one but I private one as my husband is autonomo so we are trying to save some money for the old days. We are with Santa Lucia and we decided on the maount to pay in monthly and if I understood well is tax efficient.
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Old Nov 13th 2014, 2:55 am
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Default Re: SPANISH PENSION CONTRIBUTIONS

Originally Posted by marchena
Hi,
We have one but I private one as my husband is autonomo so we are trying to save some money for the old days. We are with Santa Lucia and we decided on the maount to pay in monthly and if I understood well is tax efficient.
I think the OP was referring to state pensions though. I believe autonomos can pay in various amounts to the Spanish state pension, and I think many used to increase the amount they paid in as they got nearer retirement age as this used to increase the amount they received significantly. But my understanding is that the pension you receive is now based on your payments over a much larger period of time (up to 25 years depending on when you retire) so the trick of increasing your payments in the last few years no longer counts for very much. For people on contracts I'm not aware of any way of making additional voluntary contributions to the Spanish state pension, though I'd be interested if there are.
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Old Nov 13th 2014, 3:35 am
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Default Re: SPANISH PENSION CONTRIBUTIONS

Originally Posted by rspltd
If the rules are still the same you would need to pay in 15 years worth before you get anything back.
Not necessarily, if you have contributed in other EU countries. My wife contributed for 6 years in Spain and receives a Spanish pension (proportionately much higher than her UK pension).
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Old Nov 13th 2014, 8:38 pm
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Default Re: SPANISH PENSION CONTRIBUTIONS

worth thinking about it for me then as i wil be moving at the age of 44 worked here and then could top up there if im reading it right
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Old Nov 13th 2014, 9:39 pm
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Default Re: SPANISH PENSION CONTRIBUTIONS

OK seems to be a lot of confusion...........I am seeing an expert on the 24th so I will post more later.
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Old Nov 13th 2014, 10:03 pm
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Default Re: SPANISH PENSION CONTRIBUTIONS

Originally Posted by shazzabob
worth thinking about it for me then as i wil be moving at the age of 44 worked here and then could top up there if im reading it right
I think you have to have paid into the 'Spanish pension pot' before you can top it up. That is, you can't 'top-up' what doesn't exist!
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Old Nov 14th 2014, 11:54 pm
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Default Re: SPANISH PENSION CONTRIBUTIONS

Hi,

I'd like to watch this one . . .

I've always been told that there are no 'voluntary contributions' to Spanish national insurance scheme as there is in the UK. But I'd like to be told different!

Simon
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Old Nov 15th 2014, 12:36 am
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Default Re: SPANISH PENSION CONTRIBUTIONS

It is not really 'National Insurance' more like (I think) AVCs/annuity............all the Spanish banks offer it. But it is very tax efficient. After I have seen a professional advisor I will post more.
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Old Nov 15th 2014, 3:56 am
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Default Re: SPANISH PENSION CONTRIBUTIONS

Originally Posted by spainrico
It is not really 'National Insurance' more like (I think) AVCs/annuity............all the Spanish banks offer it. But it is very tax efficient. After I have seen a professional advisor I will post more.
Please could you clarify whether you are talking about voluntary contributions to the Spanish state pension or private pension schemes?
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Old Nov 15th 2014, 4:18 am
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Default Re: SPANISH PENSION CONTRIBUTIONS

I can clarify more after I have seen the expert, but I think I am referring to 'Plan de pensiones y plan de prevision asegurado'
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Old Nov 15th 2014, 5:38 am
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Default Re: SPANISH PENSION CONTRIBUTIONS

When I was due to retire (in Spain) as the greater part of my state pension comes from Spain, I asked an expert about topping up and he said no it was not possible.

It didn't really matter as Spain took into account all my contributions in other countries and I ended up with the maximum from Spain

Anyway I think the OP is talking about topping up private pension schemes as a tax efficiency scheme, I actually can confirm you can top up Private Pension schemes as I did that as well.
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Old Nov 15th 2014, 5:49 am
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Default Re: SPANISH PENSION CONTRIBUTIONS

If you are looking at private pensions then take a good look at the fees. Most Spaniards I talk to say that's what puts them off, but maybe this has changed in recent years. It's definitely something that interests me as well.
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