What is the Allianz PPA and how is it different from a regular pension plan?
The Plan de Previsión Asegurado (PPA) is a retirement savings product set up as a life savings insurance contract. The big difference from a traditional pension plan is that your capital is guaranteed by contract. You get the same tax relief as a pension plan without exposure to stock market falls.
Is my money protected from stock market falls?
Yes. The Allianz PPA has no exposure to equities: your capital and the guaranteed interest don't depend on market movements. It's designed for very cautious savers who want to build up their retirement savings calmly.
How do the guaranteed and additional interest work?
The PPA has two parts: a guaranteed minimum interest rate, fixed from day one, and additional interest (profit sharing) that Allianz credits each year based on the actual results of its insurance portfolio.
Can I deduct the same as with a pension plan?
Yes. If you're tax resident in Spain, your contributions, whether regular or one-off, reduce your taxable base for income tax (IRPF) up to the legal limits: currently €1,500 a year and 30% of your net earned income.
Can I move my current Spanish pension plan into the PPA?
Yes. You can transfer all the savings from your bank's pension plan into the Allianz PPA to lock in what you have and guarantee it from then on. Transfers carry no penalty and no tax, and we handle the whole process with your bank. Pensions from other countries generally can't be transferred this way.
When can I get my money back from the PPA?
Like a pension plan, the PPA is designed for retirement. You can access your savings when you retire or, exceptionally, in cases of permanent disability, severe dependency, serious illness, long-term unemployment or, since 2025, for contributions made at least 10 years ago. If you won't retire under the Spanish system, the retirement benefit can generally be claimed from age 65.
Can I choose how to receive it when I retire?
Yes. You can take the whole amount as a lump sum, receive regular payments or a lifetime income, or combine both depending on your tax situation.
Who is the PPA recommended for?
Savers who don't want to take any risk: people a few years from retirement who want to consolidate what they've saved, or younger savers who won't put their contributions at risk in exchange for stock market returns.
Do I have to contribute regularly?
No. You can set monthly, quarterly or annual contributions, change the amount, make one-off contributions or pause payments temporarily without penalty.
What happens to my savings if I die?
Your savings are not lost. The accumulated capital goes to the beneficiaries you name in the policy (or to your legal heirs), and as it's an insurance contract Allianz also pays a small additional guaranteed sum. Spanish-resident beneficiaries pay income tax on it as earned income rather than inheritance tax; if they live abroad, different rules may apply.
