Processing

• When does the payout (redemption) takes place?

Pension plan benefits must be paid to the beneficiary or beneficiaries specified in the plan rules or otherwise designated, unless there is a court-ordered or administrative attachment or lien; in such cases, the terms of the corresponding order must be followed.

• What documentation is required to receive the benefit?

1. Photocopy of the plan participant's National ID (DNI).

2. Retirement: proof of retirement issued by the INSS (National Social Security Institute) or the competent authority.

3. Disability: copy of the disability proposal and resolution from the INSS or the competent authority.

4. Death:

• Participant's death certificate.
• Will and last will and testament.
• Declaration of heirs-at-law (intestacy declaration)—only if no will was made.
• Proof of beneficiary status.
• Color photocopy of the beneficiary's/beneficiaries' National ID (DNI).
• Express designation of beneficiaries.
• Certificate of account ownership for the bank account where the beneficiary/beneficiaries wish to receive the payment of vested rights.