Occident launches a simplified occupational pension plan for the self-employed in partnership with the Professional Insurance Brokers Association of Valencia

"Any self-employed professional will be able to take out the new product which allows the participant to deduct up to €5,750 per year in their income tax return."

Over 80% of the self-employed pay contributions at the minimum rate according to figures from the General Treasury of the Social Security. This situation will directly affect the pension which these self-employed workers get when they retire.

Here, Occident is expanding its range of retirement pension plans with the launch of Occident Self-Employed Pensions, a simplified occupational pension plan (PPES) which gives self-employed professionals access to an enhanced savings option compared to individual pension plans and enables them to boost their financial resources for retirement. The new product comes from the partnership between Occident and the Professional Insurance Brokers Association of Valencia which is the plan's promoter. It also has the backing of AEMES, the insurance brokerage employers' association.

Occident's new product is designed for investors with a moderate profile who wish to reap tax benefits and build up capital with a view to retirement, thereby ensuring a comfortable standard of living when they stop working. This retirement savings instrument also features the flexibility to provide financial back-up against unforeseen events such as permanent occupational disability, permanent absolute disability, severe incapacity, dependency and death. Plus by allowing regular contributions coupled with extraordinary contributions up to the specified annual limit, Occident Self-Employed Pensions additionally provides utmost flexibility when paying into the scheme. The product likewise allows participants to withdraw their cash ten years after taking it out in the event of serious illness or long-term unemployment.

One of the main advantages of a PPES is its taxation as it enables the customer to make contributions of up to €5,750 per year, an amount which can be deducted from general taxable income in their personal income tax return. The annual ceiling for contributions to a simplified occupational pension plan is €4,250 on top of the €1,500 which can be paid into a personal pension plan.

“The launch of Occident Self-Employed Pensions has enabled us to round out our savings offering with an exclusive product for the self-employed combining the best tax treatment among pension plans with the other advantages of our range, such as flexibility and liquidity in certain cases, plus the personalised advice delivered by our brokerage network," said Daniel Ciprés, Occident's Life Director.