Can I rescue my pension plan due to COVID?

Yes, you can redeem your COVID pension plan as long as you meet certain requirements and with monetary limitations.

Among the extraordinary measures that have entered into force on April 2, 2020 through Royal Decree-Law 11/2020 to deal with COVID (“RDL 11/2020”), some are incorporated that allow the rescue of pension plans in certain cases.

Specifically, it is allowed that, between March 14, 2020 and September 14, 2020, pension plan participants can make their consolidated rights effective (that is, redeem the contributions made as well as the returns produced by them) .

The amounts to be redeemed are limited to prevent all the amounts contributed and their yields from being recovered.

They may request the ransom:

  • People who are unemployed as a result of a Temporary Employment Regulation File (“ERTE”) derived from the COVID health crisis.

In this case, the maximum amount to be received will be that of the wages that would have been received during the ERTE.

  • Entrepreneurs who own establishments whose opening to the public has been suspended due to the COVID health crisis.

In this case, the maximum amount to be received will be the estimated net income that would have been received if the establishment had been open to the public.

  • Self-employed workers, such as the self-employed, previously integrated into a Social Security regime and who have also ceased their activity as a result of the health crisis situation caused by COVID.

In this case, the maximum amount may not exceed the estimated net income that would have been received if the activity had not ceased.

In order to make effective the reimbursement of the consolidated rights, the request of the participant will be necessary. The reimbursement must be made within a maximum period of seven business days from the presentation by the participant of the corresponding supporting documentation.

Finally, keep in mind that the legal regulation is changing during the State of Alarm and the previous circumstances may be altered while it lasts.

This publication does not constitute legal advice.

Free legal advice for COVID

Although we are lawyers specialized in digital businesses, we remind you that, while the state of alarm lasts, from LAW4DIGITAL We will also be offering free legal advice for COVID to health professionals and members of the State security forces and bodies who are helping us so much in these complicated days.


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We look forward to seeing you in the next post!

Law4Digital Team.

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