New extraordinary measure by the Government to mitigate the economic damage caused by the Covid-19 outbreak. This time, referring to private pension plans. Participants in a pension plan who, as a consequence of the coronavirus crisis, are unemployed due to an ERTE or business termination, will be able to access their savings in the next six months.

Mar 31, 2020

Act at 18:25

This is reflected in the Royal Decree-law debated in the Council of Ministers. The decree states that for six months, Since the entry into force of Royal Decree 463/2020, of March 14, which declared a state of alarm, the consolidated rights in contributions to pension plans, including pension plans, may be made “exceptionally”. corporate social security, the insured social security plans and the social security mutuals, for those affected by the ERTE caused by the Covid-19, both workers, employers and the self-employed, with the limit of wages not received during the ERTE or the cessation of activity.

According to the text, three assumptions are included: being in a legal situation of unemployment as a consequence of an ERTE derived from the health crisis situation caused by Covid-19, being a business owner of establishments whose opening to the public has been suspended and, in the case of self-employed workers, who had previously been integrated into a Social Security system as such and have ceased their activity as a result of the health crisis situation.

This measure has been announced at a press conference by the government spokesperson, María Jesús Montero; Vice President for Social Rights and the 2030 Agenda, Pablo Iglesias, and Vice President for Economic Affairs and Digital Transformation, Nadia Calviño, after the celebration of the Council of Ministers.

In any case, the text points out, the refund of consolidated rights will be made at the request of the participant, with the usual tax regime for the benefits of pension plans, and reimbursement must be made within a maximum period of seven business days since the participant presents the corresponding supporting documentation.

However, the Government keeps a ace up your sleeve as in other extraordinary measures proposals these days. At the proposal of the Minister of Economic Affairs and Digital Transformation, Nadia Calviño, may extend the exceptionally foreseen term of six months to request the collection of the plans, “taking into account the needs of disposable income in the face of the situation derived from the circumstances of economic activity caused as a consequence of the health crisis caused by Covid-19”.


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