Private pension withdrawal permitted after 10 years' savings
Sunday, February 11, 2018 @ 3:20 PM
SAVERS can now cash in their private pensions in Spain after 10 years of contributions, the government has announced after approving a new law yesterday (Friday).
Although a tax reform in 2015 already allowed for all or part of private pensions to be liquidated by the holder subject to a minimum of a decade in contributions, the necessary regulations had not been developed until now.
The aim is to stimulate personal saving and create greater flexibility in personal pension funds, explains economy minister Luis de Guindos, who may be leaving his post in a couple of months if he is successful in his application to become deputy chairman of the European Central Bank (BCE).
But those wishing to withdraw funds can only do so from 10 years after the 2015 tax reform, or later if they did not start to contribute to a personal pension until after that year.
Read more at thinkSPAIN.com