The Government will allow withdrawing money from pension plans at 10 years without waiting for retirement

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The President of the Government has announced that the Government will approve tomorrow a Royal Decree that will allow people who save in pension plans and funds to recover all or part of what is saved after 10 years of the contribution. This possibility of redemption will not be linked to the saver retiring or being unemployed, but can be rescued always and for anything, without waiting for retirement age.

According to government sources, this measure could benefit eight million people, who have been contributing to pension plans for years and now will not have to wait until retirement age, whatever it may be, to recover their savings. In addition, this decree will reduce very significantly the commissions that the savers pay to the managing entities.

The Council of Ministers approves the royal decree this Friday aimed at trying to encourage savings to think in the long term

Rajoy stressed that this measure seeks to encourage savings to think in the long term, “a savings with a prolonged time horizon, which serves as a complement to the public pension but also for other life plans, such as the education of children, a project personal or overcome any setback that life can bring us. An investment for the future, which can be used when necessary. “

But Rajoy made it clear that private pension plans, which have existed in Spain for 30 years, are not substitutes for the public pension system, “which is guaranteed,” he stressed, but private savings must be encouraged, as they have been since they exist. , so that more than eight million people have a pension plan with accumulated savings of 106,000 million euros.

Anyway, Rajoy stressed at a luncheon at the ABC Forum, Spaniards, according to OECD statistics, spend less than citizens of other advanced countries on pension plans and funds, even behind Portugal. Thus, the initiative tries to encourage savings, “appeals to individual responsibility and gives more freedom and more guarantees to the saver”.