4. Contributions to corporate social security plans

Contributions made by workers to company social security plans regulated in the first Additional Provision 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, regarding the protection of pension commitments with workers, including contributions from the policyholder, give the right to a reduction.

In any case, corporate social security plans must meet following requirements

1. The principles of non-discrimination, capitalisation, irrevocability of contributions and attribution of rights established in article 5.1 of the consolidated text of the Law on Regulation of Pension Plans and Funds must be applicable to this type of contract.

2. The policy will establish the premiums that the policyholder must pay, which will be charged to the insured.

3. The policy conditions must expressly and prominently state that it is a Corporate Social Security Plan, with this designation reserved for insurance contracts that meet the legally established requirements.

4. The contingencies covered must be only those provided for in article 8.6 of the consolidated text of the Law on Regulation of Pension Plans and Funds (retirement, total and permanent incapacity for work for the usual profession or absolute and permanent incapacity for any work, and severe disability; death and severe or great dependency of the participant), the main coverage must be retirement in 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).

5. Company pension plans must offer an interest rate guarantee and use actuarial techniques.