3. Premiums paid to insured pension plans
Insured pension plans, whose premiums may be subject to a reduction in the general tax base, are legally defined as insurance contracts that must meet the following requirements :
The taxpayer must be the policyholder, insured and beneficiary.
However, in the event of death, it may generate the right to benefits under the terms provided in the regulations governing pension plans and funds.
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 work incapacity for the habitual or absolute and permanent profession for all work, and great disability; death of the participant or beneficiary and severe dependency or great dependency of the participant), and must have retirement coverage as its main coverage in the terms established in article 49.1 of the Personal Income Tax Regulations .
Advance provision, 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 the Regulation of Pension Plans and Funds (long-term unemployment, serious illness and from 2025 for contributions 10 years old).
However, and in order to facilitate those affected by the volcanic eruption on the island of La Palma to meet unexpected liquidity needs, article 11 of Royal Decree-Law 20/2021, of October 5, by which Urgent support measures are adopted to repair the damage caused by the volcanic eruptions and for the economic and social reconstruction of the island of La Palma ( BOE of October 6), has established, on an exceptional basis and exclusively during the period between October 6, 2021 and July 5, 2022 , the possibility that the insured of the insured pension plans can draw in advance in certain cases of their rights consolidated in these plans, setting the conditions and the maximum amount of the provision. The assumptions for early disposal of consolidated rights are discussed in this Chapter, within the common rules applicable to contributions to social security systems, in the section on early disposal of consolidated rights .
The right of early withdrawal in insured pension plans will be valued by the amount of the mathematical provision to which no penalties, expenses or discounts may be applied. However, in the event that the entity has investments affected by the right of early disposal, it will be valued at the market value of the assigned assets.
Insured pension plans will have to offer an interest guarantee and use actuarial techniques.
The conditions of the policy must expressly and prominently state that it is an insured pension plan.
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 in which they are participants. Once the contingency is reached, mobilization will only be possible if the conditions of the plan allow it.
The procedure to carry out the mobilization of the mathematical provision is regulated in article 49.3 of the Personal Income Tax Regulations .