Tax regime of benefits received and early disposition of consolidated rights

1. Tax regime of benefits received

   The benefits received will be taxed in their entirety and in no case may they be reduced by the amounts corresponding to excess contributions.

   With regard to the benefits received, take into account the possible application of the transitional regime of reductions applicable to benefits received in the form of capital from social security systems and arising from contingencies that occurred before January 1, 2007, as well as from contingencies that occurred after said date, for the part corresponding to contributions made until December 31, 2006, which is discussed in Chapter 3.

   In the event that the benefit is received in the form of an insured life annuity, reversal mechanisms or certain benefit periods or counter-insurance formulas may be established in the event of death once the life annuity has been established.

2. Early disposition of consolidated rights

   In the event that the participant, mutual member or insured person has, in whole or in part, the consolidated rights, as well as the economic rights derived from the social security systems previously mentioned, in cases other than those provided for in the regulations on pension plans and funds, he/she must replace the reductions in the tax base unduly made by means of the appropriate supplementary self-assessments, including late payment interest.

   These supplementary self-assessments must be submitted within the period between the date of the early withdrawal and the end of the regulatory period for submitting the declaration corresponding to the tax period in which the early withdrawal is made.

   Any amounts received that exceed the amount of contributions made, including, where applicable, contributions imputed by the promoter, will be taxed as employment income in the tax period in which they are received.