CaixaBank has introduced the ‘MyBox Retirement Self-Employed’ service, a new offering tailored specifically for self-employed individuals. This service expands the benefits of CaixaBank's long-term savings program to address the unique financial needs and protection requirements of the self-employed.
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One year after the launch of the original ‘MyBox Retirement’ service, which now has around 230,000 customers and manages over €1,450 million in assets, CaixaBank is extending its reach. Spain’s self-employed population, over 3 million strong according to the National Statistics Institute (INE), faces an average retirement pension of €959 per month, significantly lower than the €1,597 for other employees.
‘MyBox Retirement Self-Employed’ aims to reduce financial risk during retirement by setting a target capital based on each customer's age and income. Monthly savings plans are then established to meet this target, leveraging tax-advantaged pension plans, liquid unit-linked insurance, and personal and family life insurance.
Key Features:
• Regular, flexible savings: Encourages regular savings to mitigate market volatility, with adjustable contributions to meet liquidity needs, enhancing long-term savings.
• Returns and tax benefits: Linked to the Spanish Association of Self-Employed Workers' Simplified Employment Pension Plan, managed by VidaCaixa, allowing annual contributions to increase from €1,500 to €5,750, thus offering significant tax breaks. This plan is part of CaixaBank's ‘Gama Destination’ strategy, which adjusts asset allocation based on the customer's retirement timeline.
• Returns and liquidity: Contributions are split between the simplified employment pension plan and a unit-linked pension plan, providing liquidity for emergencies.
• Protection: Includes life insurance covering the gap between existing savings and target capital in cases of total permanent disability or death.
Customers can monitor their savings, earn loyalty rewards, and adapt their plans annually to suit changing needs. CaixaBank’s new service reaffirms its commitment to innovative long-term savings solutions for Spain’s self-employed workforce.
