Logo de Allianz Seguros en Murcia - Agencia Antonio Martínez Ballester
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Logo de Allianz Seguros en Murcia - Agencia Antonio Martínez Ballester
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Logo de Allianz Seguros en Murcia - Agencia Antonio Martínez Ballester
Español

ES

Smiling young woman having coffee after planning her retirement with an Allianz pension plan in Spain

Individual Pension Plans
in Spain
save for retirement and lower your tax bill

Individual Pension Plans
in Spain
save for retirement and lower your tax bill

Retirement is one of the most important financial decisions of your life. With an Allianz pension plan you save for the future flexibly and with significant tax advantages: if you’re tax resident in Spain, every euro you contribute reduces your taxable base for income tax (IRPF). Choose the profile that fits your time horizon, move an existing Spanish plan at no cost and get advice in English.

Save for retirement and lower your Spanish income tax with every contribution. Free transfers from your bank’s plan and advice in English.

Calculate my tax saving

Every contribution lowers your Spanish income tax icon

Every contribution lowers your Spanish income tax

20+ years of experience of the Allianz management team icon

20+ years of experience of the Allianz management team

Regular or one-off contributions icon

Regular or one-off contributions

Our plans

Choose the plan that fits your time horizon and risk tolerance

Conservative Plan (risk profile 2/7) icon

Conservative Plan (risk profile 2/7)

0–30% equities, mixed fixed income. For cautious savers or those close to retirement. With a maximum of 30% in equities and the rest in fixed income, it aims for a moderate return with high stability, for those who want a little more than a guaranteed plan without taking much market risk.

Moderate Plan (risk profile 3–4/7) icon

Moderate Plan (risk profile 3–4/7)

30–60% equities, mixed. The balance between growth and security. With 30% to 60% in global equities, it's designed for savers with some tolerance for risk who want higher expected returns over the medium to long term.

Global Plan (risk profile 5/7) icon

Global Plan (risk profile 5/7)

60–100% equities, aggressive mixed. For those with plenty of time until retirement. With 60% to 100% in equities, it offers higher expected returns in exchange for bigger short-term swings; a long time horizon helps absorb the volatility.

US Equity Plan (risk profile 6–7/7) icon

US Equity Plan (risk profile 6–7/7)

Maximum exposure to the US stock market (88% equities / 12% fixed income). For savers with a long time horizon and high risk tolerance who want the US market to drive the growth of their future pension.

European Equity Plan (risk profile 6/7) icon

European Equity Plan (risk profile 6/7)

Focused on European stock markets (88% equities / 12% fixed income). For higher-risk profiles who believe in the long-term potential of European equities and want maximum growth for their retirement savings.

Tax advantages

The savings product that lowers your tax bill this year

The savings product that lowers your tax bill this year

Lower your taxable income icon

Your contributions reduce your Spanish taxable income: up to €1,500 a year in individual plans (plus up to €8,500 through employer or self-employed schemes), capped at 30% of your net earned income.

Example: €450 back every year icon

If your marginal tax rate is 30% and you contribute €1,500 a year, you pay €450 less income tax that year.

The saving builds up year after year icon

Your yearly tax saving can be reinvested and grow over time. Tax is deferred, not cancelled: withdrawals are taxed as earned income.

Good to know

Pension plans in Spain for expats: four things to know

Only worth it if you pay tax in Spain icon

Only worth it if you pay tax in Spain

The tax relief reduces your Spanish taxable base, so it's useful if you're tax resident here with income taxed in Spain, such as a salary, self-employed income or a pension.

Only worth it if you pay tax in Spain icon

Only worth it if you pay tax in Spain

The tax relief reduces your Spanish taxable base, so it's useful if you're tax resident here with income taxed in Spain, such as a salary, self-employed income or a pension.

Your home-country pension stays separate icon

Your home-country pension stays separate

A Spanish plan doesn't replace or absorb the pension you built up abroad. Foreign pensions follow their own rules and may be taxable in Spain once you live here, depending on the tax treaty.

Your home-country pension stays separate icon

Your home-country pension stays separate

A Spanish plan doesn't replace or absorb the pension you built up abroad. Foreign pensions follow their own rules and may be taxable in Spain once you live here, depending on the tax treaty.

Retiring under another country's system? icon

Retiring under another country's system?

If you won't draw a Spanish state pension, the retirement benefit can generally be claimed from age 65 once you've stopped working. Since 2025 you can also withdraw contributions that are at least 10 years old.

Retiring under another country's system? icon

Retiring under another country's system?

If you won't draw a Spanish state pension, the retirement benefit can generally be claimed from age 65 once you've stopped working. Since 2025 you can also withdraw contributions that are at least 10 years old.

If you leave Spain icon

If you leave Spain

Your plan stays in Spain and keeps growing. If you move to another country, how withdrawals are taxed will depend on your new residence and the tax treaty, so check before you cash in.

If you leave Spain icon

If you leave Spain

Your plan stays in Spain and keeps growing. If you move to another country, how withdrawals are taxed will depend on your new residence and the tax treaty, so check before you cash in.

Calculate how much tax you could save this year with a pension plan

Find out how much you could get back in your next Spanish tax return. Choose your region, enter your gross income and your contribution to see an estimate of your tax saving in real time.

Estimate your Spanish income tax saving

Your region in Spain

▼
Gross annual income
€
15,000 €100,000 €
How much do you want to contribute?
€
0 €1,500 €

You could save

€450
Estimated marginal rate applied: 30%

Indicative estimate for a Spanish tax resident in Region of Murcia. The relief is capped at €1,500 a year and 30% of your net earned income, and your real saving depends on your taxable base. We'll check your exact figure with you in English.

FAQs

Pension plans in Spain: frequently asked questions

How much can I deduct on my Spanish income tax return?
If you're tax resident in Spain, your contributions reduce your general taxable base for income tax (IRPF). The limit is €1,500 a year for individual plans, which can rise by up to €8,500 through employer or self-employed schemes, and never more than 30% of your net earned income. We calculate your optimal contribution with you before the end of the year.
Are there different risk levels for my pension plan?
Yes. You can choose between the Conservative plan (mainly fixed income, for savers close to retirement), the Moderate plan (mixed), or growth-oriented plans with a high equity weighting: Global, European Equity or US Equity.
Can I move my pension plan from my Spanish bank to Allianz?
Yes, and it's very common if you're unhappy with your bank's returns. Transferring your accumulated savings between Spanish pension plans (traspaso) has no cost and no tax consequences. We handle all the paperwork from our office in Murcia.
I have a pension in my home country. Can I move it into a Spanish plan?
A Spanish pension plan is a separate product: it doesn't replace the pension you built up abroad, and moving a foreign pension scheme depends on the rules of that country and scheme. We'll help you see how a Spanish plan fits alongside it, working with your tax adviser when needed.
Do I have to contribute a fixed amount every month?
No. You can set up regular contributions (monthly, quarterly or half-yearly), pause them if your situation changes, or make one-off contributions at the end of the year, for example with a bonus, to make the most of the tax relief.
Can I change plan as I get older?
Yes, and it's the recommended approach. When you're young you can take more risk, for example in the US Equity plan. As you approach retirement, we'll help you move your savings gradually to the Conservative plan to protect what you've built up. Internal transfers are free.
How can I receive the money when I retire?
You choose: as a lump sum, as regular payments (for example monthly, to top up your state pension), or a combination of both. You don't have to take it all at once.
How are pension plan withdrawals taxed?
Withdrawals are taxed as earned income (rendimientos del trabajo) and added to your other income, such as pensions, not as savings income. That's why we plan staggered withdrawals with you to avoid jumping into a higher tax bracket. Different rules apply if you're no longer tax resident in Spain.
Can I access my money before retirement?
Pension plans are designed for retirement, but Spanish law allows early access in certain cases: long-term unemployment, permanent disability, serious illness of the saver or close relatives, severe dependency and, since 2025, contributions made at least 10 years ago.
Who manages and holds the savings in my plan?
The plan is managed by Allianz, Compañía de Seguros y Reaseguros, and the assets are held separately by an independent depositary, BNP Paribas. This legal separation protects your savings.

Allianz Group

The strength of a global insurance and investment group

Founded in 1890 icon

Founded in 1890

Present in around 70 countries icon

Present in around 70 countries

Solvency II ratio above 200% icon

Solvency II ratio above 200%

'AA' rating from S&P icon

'AA' rating from S&P

Investment expertise icon

Investment expertise

AMB Seguros is an exclusive Allianz agency in Murcia helping expats and local families plan their retirement with the pension plan that best fits their lives. We specialise in tax-efficient retirement savings across the Region of Murcia: visit our office or book a video call and we’ll design your plan with you in English.

This is a marketing communication. Past performance is not a reliable indicator of future results. Investing involves risk: the value of units can go down as well as up, and investors may not get back the amount originally invested. Read the plan’s key information document before making any final investment decision.

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Up to 12% OFF your TRAVEL INSURANCE

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