Los planes de pensiones podrían mejorar su fiscalidad

If a change of government occurs following the elections scheduled for November 29, pension plans could potentially enhance the fiscal efficiency of savings contributions from private savers, reports the source. The maximum contribution to these products and the parallel tax benefit have been reduced in recent years, now capped at a maximum annual saving of 1,500 euros.

The tax deduction of this amount reduces the taxable base of the taxpayer in their annual income declaration and lowers the tax bill. The annual saving ceiling was 8,000 euros in 2020, but began its reduction in 2021, dropping to 2,000 euros before falling again by 500 euros, settling at the current 1,500 euros. If the government formed after the elections is led by the PP, pension plan contributors hope it will address their demands for an increase in the cap on contributions to these plans, intended to complement the public pension.

The association representing the operators has repeatedly made this request, seeking to improve the fiscal treatment to stimulate this long-term saving. Last year, 3,252 million euros were contributed to pension plans, while payouts reached 3,621 million, resulting in a net deficit of 369 million euros. This stands in contrast to five years prior, when contributions exceeded 5,000 million euros.

During this period, over 12,500 million euros were withheld due to the reduction approved by the executive, according to data from Inverco. The industry believes the 2022 reform, spearheaded by the current governor of the Bank of Spain, Jos� Luis Escriv�, aimed at promoting employment-based pension plans, has not yielded the desired results, as the 12,500 million euros of contributions not made to individual plans have not flowed into employment-based contributions.

The pension plan asset base rose by 9,256 million euros in the second quarter of 2026, reaching a total of 145,107 million euros by the end of June, thanks to the revaluation of pension fund portfolios, according to the latest figures from the sector association. Contributions to private products amounted to 682 million euros, similar to the same period last year. Total savings placed in these products amounted to 1,509 million euros, marking an 8.5% increase.