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Retirement Savings Plans

How much will you receive in retirement? Have you ever done the math?

Swap estimates for assurances.

Prepare for your retirement

Invest in a long-term plan and earn more for your retirement.

Protect yourself against the unexpected

Guarantee a financial reserve to navigate unexpected sickness or unemployment.

Tax Benefits

Possibility of personal income tax deduction for part of the investment made. Lower taxation in the event of redemption for the purposes provided for by law.

Learn about the Retirement Savings Plans in more detail

Choose one of the Retirement Savings Plans options we have for you.

  • VIVA PPR XXI
  • PPR Investimento Plus
  • Viva PPR XXI is a retirement savings plan from UNA Seguros de Vida S.A. with registered corporate address at Avenida de Berna no. 24-D,1069-170 Lisbon, Portugal. This product is sold by BEST - Banco Electrónico de Serviço Total, S.A., with registered offices at Rua Castilho, 26, Piso 2, 1250-069 Lisbon, Portugal, with share capital of €63,000,000, registered with the Autoridade de Supervisão de Seguros e Fundos de Pensões (Portuguese Insurance and Pension Funds Supervisory Authority) as an Insurance Agent, on 03/13/2008, under no. 408 268 350, and authorized to sell life insurance, non-life insurance and pension funds. Best Bank is not authorized to receive insurance premiums for delivery to insurance companies. As an intermediary, Best Bank does not assume risk coverage. All intermediary information can be found at www.asf.com.pt.


    Minimum subscription amounts
    Scheduled deposits

    Monthly: €75.00

    Quarterly: €225.00

    Half-yearly: €450.00

    Annually: €900.00

    Additional or one-off deposits

    min. €250.00 and max. €10,000.00

    Capital guarantee

    Yes

    Profit-sharing

    Yes

    Subscription fee
    One-off/additional deposits:

    1.00% up to €2700

    0,80% above €2700 up to €10000

    0,5% above €10000 up to €30000

    0,4% above €30000

    Regular deposits:

    2.00% from €900/year up to €1200/year;

    1.5% from €1200/year up to €2500/year;

    1.00% from €2500/year and above

    Payout fee

    0%

    Annual management fee

    1% of average provisions for the financial year/year

    Transfer fee

    0.50%

    Minimum subscription amounts
    Scheduled deposits

    Monthly: €75.00

    Quarterly: €225.00

    Half-yearly: €450.00

    Annually: €900.00

    Additional or one-off deposits

    min. €250.00 and max. €10,000.00

    Capital guarantee

    Yes

    Profit-sharing

    Yes

    Subscription fee
    One-off/additional deposits:

    1.00% up to €2700

    1.00% up to €2700

    Regular deposits:

    2.00% from €900/year up to €1200/year;

    1.5% from €1200/year up to €2500/year;

    1.00% from €2500/year and above

    Payout fee

    0%

    Annual management fee

    1% of average provisions for the financial year/year

    Transfer fee

    0.50%

    PPR Investimento Plus is a retirement savings plan from GamaLife - Companhia de Seguros de Vida, S.A., Entity registered in Autoridade de Supervisão de Seguros e Fundos de Pensões (Portuguese Insurance and Pension Funds Supervisory Authority) under the no. 1109 in life insurance class, with registered corporate address at Rua Barata Salgueiro, nº 28 - 5º andar • 1250-044 Lisboa, Portugal. This product is sold by BEST - Banco Electrónico de Serviço Total, S.A., with registered offices at Rua Castilho, 26, Piso 2, 1250-069 Lisboa, Portugal, with share capital of €63,000,000, registered with the Autoridade de Supervisão de Seguros e Fundos de Pensões (Portuguese Insurance and Pension Funds Supervisory Authority) as an Insurance Agent, on 03/13/2008, under no. 408 268 350, and authorized to sell life insurance, non-life insurance and pension funds. Best Bank is not authorized to receive insurance premiums for delivery to insurance companies. As an intermediary, Best Bank does not assume risk coverage. All intermediary information can be found at www.asf.com.pt.


    Minimum subscription amounts
    One-off deposit from € 1.000,00

    This amount may change by decision of the insurance company

    Capital guarantee

    Yes

    Profit-sharing

    Yes

    Subscription fee

    0%

    Payout fee
    Applicable to payouts outside the conditions provided for by law on the balance of the policy:

    2% the 1st and 2nd years

    1,50% the 3rd year

    1% the 4th and 5th year

    0% from the 6th year

    Annual management fee

    A maximum of 1.25% of the time-weighted average and of the amounts invested during the year in the PPR Investimento Plus" autonomous fund, according to the commercial sheet

    Transfer fee

    0,50% on the balance of the policy

    Minimum subscription amounts
    One-off deposit from € 1.000,00

    This amount may change by decision of the insurance company

    Capital guarantee

    Yes

    Profit-sharing

    Yes

    Subscription fee

    0%

    Payout fee
    Applicable to payouts outside the conditions provided for by law on the balance of the policy:

    2% the 1st and 2nd years

    1,50% the 3rd year

    1% the 4th and 5th year

    0% from the 6th year

    Annual management fee

    A maximum of 1.25% of the time-weighted average and of the amounts invested during the year in the PPR Investimento Plus" autonomous fund, according to the commercial sheet

    Transfer fee

    0,50% on the balance of the policy

    A guaranteed minimum rate is set yearly by GamaLife for PPR Investimento Plus.

    The guaranteed minimum annual rate is net of the annual financial management fee.
    The guaranteed minimum annual rate is set at the beginning of each calendar year.
    The guaranteed minimum annual rate applies from 1st January of that year until the end of the same year, with the possibility of an upward revision.
    In 2023 and 2024, the guaranteed minimum rate is 2.50 per cent.
    The guaranteed minimum rate does not reflect the deduction of taxation on income, at the designated rate by law in force at the time of the payout.

    PPR Investimento Plus is a retirement savings plan life insurance contract.

    The subscription amount is paid as a one-off deposit, and no additional deposits are allowed.

    PPR Investimento Plus will last for a period of no less than 5 years and always at least until the Insured Person reaches 60 years of age, although it may be repaid in full or in part in accordance with the payout conditions.

    Should the contract reach its maturity, a payment will be made corresponding to the balance of the Policy, calculated in accordance with article 10 (Policy Balance) of the General Terms and Conditions, minus the taxation on income at the designated rate by law in force at the time of the payout. In the event of a claim, due to the death of the Insured Person before maturity, PPR Investimento Plus guarantees the payment of the Policy Balance on the date of death, calculated in accordance with article 10 (Policy Balance) of the General Terms and Conditions, minus the taxation on income, at the designated rate by law in force at the time of the payout.

    The information provided here does not replace the consultation of the legally required pre-contractual and contractual information.

    BEST Bank does not enter into contracts in the name of, or on behalf of, Insurance Companies.

    Retirement Savings Plans and pension funds are deductible from personal income tax collections at a rate of 20% for single persons and for each married spouse not legally separated. The deduction limits are as follows:

    Age Investment amount per taxpayer Maximum tax deduction amount
    < 35 €2000 €400
    > =35 <=50 €1750 €350
    > 50 €1500 €300

    Furthermore, the sum of the tax-deductible benefits may not exceed the limits defined for each taxable income band, as follows:

    Taxable income band (€) Limit (€)
    Up to 7035 No limit
    From 7035 to 80,000 The result of applying the following formula: 1000 + [1500 × (€80,000 – taxable income)/72,965]
    Above 80,000 1000

    Amounts applied after the date of retirement and amounts paid by third parties are not deductible, except when made by employers in the name of and on behalf of their employees (Article 21(8) of the Portuguese Tax Benefits Statute).

    Income tax

    Income is taxed at the personal income tax base at the time of its availability, under the following conditions:

    For payouts made in the circumstances provided for by law (including in the event of death of the insured), income is taxed at a minimum rate of 8%, if received in the form of capital, or in accordance with the rules of category H (Pensions), if received in the form of income.

    For payouts made outside of the circumstances provided for by law, income is taxed at a rate of 8.6%, if payout occurs from the eighth year, or 17.2% if payment occurs between the fifth and eighth year, provided that at least 35% of the total investment was carried out in the first half of the contract. Otherwise, or if payout occurs before the fifth year, income tax is 21.5%. Income taxation depends on the date on which the sums paid out were invested, with the conditions in force at the time of the investment being applied.

    In the event of partial payout, the first deposits made will be the first to be paid.

    Retirement Savings Plans may only be paid out or redeemed in whole or in part at the request of the Insured Person or Participant.

    Retirement Savings Plans may be paid out when the Insured Person or Participant meets at least one of the following conditions:

    The Insured Person or Participant retires due to old age.

    The Insured Person or Participant reaches 60 years of age.

    The Insured Person or Participant, or any member of their household, is in long-term unemployment.

    The Insured Person or Participant, or any member of their household, has a permanent disability that prevents them from working, regardless of cause.

    The Insured Person or Participant, or any member of their household, falls seriously ill.

    Use for paying loan agreement installments guaranteed by mortgage on property intended for the personal and permanent housing of the Insured Person or Participant.

    Payout under these conditions can only be verified for deposits/subscriptions for which 5 years have passed since the date of payment. However, once 5 years has passed from the date of the first deposit payment, payout for the contract may only be requested if at least 35% of deposits were paid in the first half of the contract.

    In situations where the Retirement Savings Plan is a shared asset under the marital property system, the personal situation of either spouse prevails, and payout shall only take place when the Spouse retires due to old age, or when the Spouse reaches the age of 60, provided that five years have lapsed since payment of the respective deposits. In situations where at least 35% of the premium sums were paid during the first half of the contract, payout may be requested after 5 years have passed since the date of the first deposit.

    Other than in the situations provided for by law, stipulated above, full or partial payout of the Retirement Savings Plan is permitted. However, this carries tax implications as defined in Articles 21(4) and (5) of the Portuguese Tax Benefits Statute, which may involve the recovery of tax benefits by deduction from the amount collected, plus a penalty for each year lapsed, and the application of a withholding tax at the source on capitals gains taxed at a higher personal income base. Payout may therefore be subject to a payout or redemption fee.

    Exceptional PPR, PPE and PPR/E redemption scheme without penalty - until 31 December 2024
    Law no. 19/2022, of 21 October, establishes an exceptional regime for the redemption of PPR, PPE and PPR/E saving plans . In accordance with the provisions of Article 6(1) of the Law, and without prejudice to the provisions of Article 4(1) to (4) of Decree-Law 158/2002 of 2 July, PPR, PPE and PPR/E participants may, until 31 December 2024, request reimbursement of the value of their PPR, PPE or PPR/E, without penalty, up to the monthly limit of the IAS (Social Support Index), provided that they relate to amounts subscribed up to the date of entry into force of the Law, i.e. until 30 September 2022.
    In 2024, the amount to be redeemed (value of the participation unit on the date of the redemption request) can be up to a monthly limit of €509.26 (value of the Social Support Index for the year 2024).
    Note: The monthly limit of the IAS is per taxpayer and not per policy/plan or financial institution, so the Client can only request a monthly refund up to the value of the IAS.
    In accordance with the provisions of Article 6(2) and (3) of the aforementioned Law, during 2024 it is also permitted to:
    (i) the partial or total mobilisation of the balance in savings plans to pay instalments of credit agreements guaranteed by a mortgage on property intended for the participant's own and permanent residence, as well as instalments of credit for the construction or improvement of property for own and permanent housing, and deliveries to Housing Cooperatives for permanent own housing solutions, being exempt from the minimum 5-year permanence requirement for mobilisation without penalty;
    (ii) The partial or total mobilisation of the balance in savings plans, up to an annual limit of 24 IAS [€12,222.24], for the purposes of early repayment of credit agreements guaranteed by a mortgage on a property intended for the participant's own and permanent residence, credit agreements for the construction or improvement of properties for own and permanent housing and contracts with Housing Cooperatives for permanent own housing solutions.

    More information at Banco BEST.

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