Banco Sabadell and the General Council of Economists have signed an agreement to launch a simplified employment pension plan aimed at self-employed workers who are active in any sectornot necessarily closed to economists, as reported by both organizations this Tuesday in a statement.
Although the pension plan is promoted by the General Council of Economists, it will be managed by the bank’s pension plan team, since the reform of pension plans allows professional associations to be promoters of these simplified plans.
The president of the General Council of Economists of Spain, Valentín Pich, participated in the signing of the agreement; the general director of BanSabadell Pensiones, Bernardino Gómez, and the director of Sabadell Professional, Rosario Fernández.
There are no minimum contribution requirements, but it allows deduct a maximum of 5,750 euros per year, by investing 4,250 euros in employment plans and another 1,500 euros in individual pension plans, in accordance with current legislation. Contributions can be made periodically or punctually.
The plan will be managed according to the participant’s age, so that their exposure to variable income is reduced as they approach retirement age. This is what is known as life cycle plans, which adjust the level of risk to the profile of the participant or saver.
The asset management branches of banking entities such as Sabadell itself, VidaCaixa, BBVA, Santander or Ibercaja, as well as managers such as Caser, Mapfre, Fonditel, Indexa and Cobas are interested in this sector of the social security business. There are more than ten plans for the self-employed, although the Government’s objectives are expand the product and its coverage to 1.5 million self-employed workers.