3. Premiums paid to insured pension plans

Insured pension plans, whose premiums may be subject to a reduction in the general tax base, were incorporated into social security systems as of January 1, 2003, with the partial reform of the IRPF carried out by Law 46/2002, of December 18 ( BOE of the 19th).

Insured pension plans are legally defined as insurance contracts that must meet the :

1. The taxpayer must be the policyholder, insured and beneficiary.

   However, in the event of death, the right to benefits may be generated under the terms provided for in the regulations governing pension plans and funds.

2. The contingencies covered must be only those provided for in article 8.6 of the consolidated text of the Law on the Regulation of Pension Plans and Funds approved by Royal Legislative Decree 1/2002, of November 29 (retirement; total and permanent incapacity for work in the usual profession or absolute and permanent incapacity for any work, and severe disability; death of the participant or beneficiary and severe or great dependency of the participant), and must have retirement as its main coverage under the terms established in article 49.1 of the IRPF Regulations .

   Early withdrawal, in whole or in part, will only be permitted in these contracts, in the cases provided for in article 8.8 of the consolidated text of the Law on Regulation of Pension Plans and Funds (long-term unemployment, serious illness and from 2025 for contributions with 10 years of seniority).

   Furthermore, as a consequence of the health crisis caused by Covid-19, the Twentieth Additional Provision of Royal Decree-Law 11/2020, of March 31, by which urgent complementary measures are adopted in the social and economic field to face Covid-19 (BOE of April 1) and article 23 of Royal Decree-Law 15/2020, of April 21, on urgent complementary measures to support the economy and employment (BOE of the 22nd), established exceptionally and exclusively during the period between March 14 and September 14, 2020, the possibility for pension plan participants to make effective their consolidated rights in certain cases of unemployment, cessation of activity or reduction in turnover. Assumptions discussed in this Chapter, within the common rules applicable to contributions to social security systems, in the section on early disposition of consolidated rights .

   The right of early withdrawal will be valued at the amount of the mathematical provision to which no penalties, expenses or discounts may be applied. However, if the entity has assigned investments, the right of early disposal will be valued at the market value of the assigned assets.

3. Insured pension plans must offer an interest rate guarantee and use actuarial techniques.
4. The policy conditions must expressly and prominently state that this is an insured pension plan.

5. Policyholders of insured pension plans may, by unilateral decision, transfer their mathematical provision to another insured pension plan of which they are policyholders, or to one or more pension plans of the individual or associated system of which they are participants. Once the contingency has been reached, mobilization will only be possible if the conditions of the plan allow it.

   The procedure for carrying out the mobilization of the mathematical provision is regulated in article 49.3 of the Regulation of the IRPF