New Labour Agreement amending the Pension Plan Specifications

Modification of the Specifications of the CaixaBank Employment Pension Plan (PPEC)

On 28 June, the PPEC Control Committee incorporated the modification of the Specifications derived from the signing of the Labour Agreement of 15 June between CaixaBank and part of the labour representatives in order to incorporate a new payment modality in the event of permanent disability of a subplan A participant.

The Labour Agreement maintains the benefits for participants who cause permanent disability (total, absolute or severe disability) recognised by the competent body (INSS), these being:

• A life annuity supplementary to Social Security.
• A capital sum of €51,000 (only in the event of absolute or severe disability).
• A widow’s or widower’s annuity (if you had a spouse at the time of your death).
• Temporary orphan’s pension(s) (if he/she had children under 25 years of age at the time of his/her death).

You can also access a more detailed table of the Plan’s disability benefits by clicking on the following link:

Plan Disability Benefits (subplan A)

These benefits are financed in the first instance by the vested rights of the participant, and if these are not sufficient, by the risk policy (disability and death) taken out by the Plan.

The signing of the Labour Agreement allows the same benefits to continue to be paid but adds a variant in the method of payment of the benefits with respect to the vested rights of the participant at the time of claiming the benefit.

From access to a permanent disability benefit with a decision date from the INSS after or equal to 15 June, the date of the Agreement, participants may voluntarily request payment in the form of a lump sum of up to 50% of their vested rights, with the disability income received being adjusted proportionally to the amount requested.

If the permanent incapacity benefit is absolute or severe incapacity, this capital payment will be complementary to the incapacity capital of €51,000.

In the event of having children at the time of accessing the disability benefit, this percentage (50%) will be reduced by the proportional part sufficient to maintain the orphan’s benefits at the same amounts as if no amount had been drawn from the consolidated rights through this new method of payment.

Benefits are processed through the Office of the Participant – 9180 ([email protected]).