BBVA, Banco Santander, CaixaBank, Getty Images Signature, pixelfit Banco Santander, Bbva and Caixabank Come to the Rescue of These Clients: What a Novelty
Many people are unaware that they can withdraw a portion of the funds from pension plans before retiring.
Banco Santander, BBVA, and CaixaBank, among other financial entities, have confirmed news that will surprise many Spaniards. Participants in pension plans can withdraw their contributions made more than ten years ago. And without needing to justify a specific cause.
This measure is part of the new provisions included in Royal Decree 62/2018, dated January 9. It eases access to pension funds and marks a significant difference from the previous regulations.
Until now, withdrawing money from pension plans was only possible in certain situations. Such as reaching retirement, suffering a permanent disability, being unemployed for an extended period, or facing a serious illness.
However, with this new provision, Banco Santander, BBVA, and CaixaBank customers will be able to access a portion of their funds. And without needing to meet any of these conditions.
A great advantage for those who wish to access their money earlier than expected.
What Changes for Banco Santander, BBVA, and CaixaBank Customers
The most important change lies in the ability to withdraw contributions made to pension plans. From January 1, 2025, participants can withdraw contributions made up to December 31, 2015, according to Business Insider. In addition to the returns caused up to that date.
The contribution deadline will be updated each year. This will allow, for example, that in 2026, it will be possible to withdraw what corresponds to contributions made in 2016. And so on.
This change is relevant for Banco Santander, BBVA, and CaixaBank customers. It is a much-anticipated flexibility in an economic context that sometimes forces savers to need money before retirement. People who have been saving for years in their pension plans will benefit from this new rule.
Additionally, this fund withdrawal will not be subject to special conditions. It will not be necessary to demonstrate any cause such as dismissal, a serious illness, or any other situation that previously justified access to the funds.
Benefits for Banco Santander, BBVA, and CaixaBank Customers
For Banco Santander, BBVA, and CaixaBank customers, this is great news. They are some of the most relevant banks in Spain and have a large number of people participating in their pension plans. The ability to withdraw money from their plans with much greater flexibility will allow many to have more direct control over their savings.
The changes in pension plans, which came into effect this 2025, represent a significant advantage for customers. It is no longer necessary to wait until retirement or face exceptional situations to access the funds.
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