The advice of the OCU to collect the money from the pension plan. /
The organization denounces and warns that some entities make it difficult to recover this amount
One option that many people use to save money in the long term is to hire a pension plan. The Organization of Consumers and Users (OCU) explains that this money that is contributed for several years is only recovered, with the interest generated, when retirement comes or if other conditions are met that must be demonstrated with the necessary documentation. In addition, he warns that some banking entities make it difficult to collect what is saved.
In which cases can the money be recovered?
The OCU indicates in which cases the money can be recovered, known as “ordinary contingencies” that allow the participant to collect the pension plan:
– Retirement. In 2022 you can retire from the age of 66 years and 2 months when you have less than 37 years and 6 months of contributions, while you can do so at 65 years of age if you have 37 years and 6 months or more of contributions. Social Security has a retirement simulator for what age you can retire. Thus, you will be able to make use of that money from the pension plan at the time you have ceased your work activity and do not contribute to Social Security for retirement. Although some plans admit the possibility of recovering the money earlier if retirement occurs at the earliest age of 60 and the working life is terminated. Or also in case of objective or collective dismissal.
– Permanent, absolute or severe disability. If the employee suffers an accident or suffers from an illness that prevents him from carrying out the duties of his job, he may collect his plan.
– Severe dependency or a great dependency, recognized by the Administration, in grade II or III.
– Death of the participant or the beneficiary. In these cases, the plan is charged by the persons designated by the deceased or by the heirs.
– Exceptional situations. When unemployment is long-term, but is without the right to benefit or with it exhausted. The other option occurs when the participant, their spouse, parents, children or persons under guardianship or foster care with whom they live or who depend on them suffer from a serious illness.
In addition to these cases, as of January 1, 2025, it will also be possible to collect the part of the plan that corresponds to contributions older than 10 years.
Avoid problems by rescuing the plan
As the OCU warns, some entities make it difficult to collect their pension plans by requiring paperwork and complex procedures. This hindrance that the organization denounces occurs because the law does not specify the necessary documentation to prove the aforementioned situations that give the right to collect the money. For this reason, it gives a series of tips to avoid problems when collecting money.
– Check the required documentation. To find out what documentation is requested to recover the money in common contingencies, you can ask the manager. In case you find yourself in exceptional cases, contact the manager first.
– If the beneficiary is a person other than you, inform him of his condition and the documents he may need. The original DNI of the participant must be easy to locate because, if the calls to collect the plan do not have it, they will find many complications.
– After presenting the complete documentation to redeem the money, the manager has 15 days to inform you by letter that it approves the redemption. From there, in a maximum of 7 days, the money will be deposited into the account. So everything should be resolved in less than a month.
– In case of encountering difficulties for the collection by the entity with which you contracted the plan, the OCU advises to make a transfer to a plan of another entity in which you know that they are not going to put obstacles in your way.
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