Does the PPEC provide for the possibility to advance the retirement benefit if the participant is affected by a redundancy programme?

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This benefit has been incorporated into the Specifications in accordance with the provisions of Article 8.2 of the Pension Plans and Funds Regulations, after the mandatory
labour agreement.

It should be understood that the participant does not retire but acquires the status of beneficiary of the Pension Plan for the purposes of the legal restrictions, in particular the incompatibility of making contributions for retirement in any pension plan, while receiving benefits from the Plan.

The condition for being able to advance payment of the benefit is to have terminated the employment relationship with the Promoter as a result of a collective procedure with a labour agreement that provides for the transfer to the legal situation of unemployment (former Redundancy Proceedings), and not to be receiving contributions from the Promoter.

The contracting of the benefit is identical to that of final retirement. Therefore, the participant may apply for it when it suits him/her (there is no time limit) and in any of the modalities foreseen in the specifications (insured income, life or temporary annuity, financial income, capital or any combination of the above).

The Office of the Participant (tel. 934 041 647) advises interested parties on how to access the benefit, with the appropriate simulations and scenarios, as if they were the beneficiary of a definitive retirement pension.