Employee Benefits
Retirement (Plus Plan)
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Below are the details of your retirement plan. This plan was chosen by your company and is facilitated through Remote as the Employer of Record. This page provides an overview of what is covered under your plan, how to enroll, and more!
Retirement Benefit
You have been offered the Plus Retirement Plan! In this plan, you contribute 2% of your annual gross salary towards your retirement savings. In return, your employer will enhance your contribution by doubling it (4% of your annual gross salary). The section below details the retirement benefits available to you
About the Retirement Benefit
This plan was chosen by your company and is facilitated through Remote as the Employer of Record. Remote has partnered with VidaCaixa as our provider for Retirement in Spain.
RETIREMENT BENEFIT
Retirement Product
Your company gives you the chance to make monthly contributions through the Retirement insurance. This will help you to build a savings fund to deal with any financial challenges that may come up in the future so you can enjoy a comfortable and worry-free retirement.
This is not a Pension Plan, but a Retirement product called Unit Linked and a Salary Sacrifice Plan:
- We created a ‘ Unit Linked’ where Clients can add matching contributions.
- We created a Salary Sacrifice plan for all employees, allowing you to contribute voluntarily on the top of the above if you wish to.
Salary Sacrifice (voluntary contributions)
- This is a ‘Plan de Seguro Colectivo Unit Linked’ and not a Pension Plan. You can voluntarily contribute via salary sacrifice any amount you decide (with a limit of 30% of your annual gross salary).
- You may change your personal contribution rate at any time online through the Cobee's mobile app
- Contributions are made through payroll deductions on pre-tax income
Limitations and early withdrawal
The Retirement Insurance has a tax exemption limit of €100,000 per year.
The total amount of remuneration in kind should not exceed 30% of the employee's gross annual salary.
Take into account that this is a deferred taxation that will be applied at the time of withdrawal, which will be at retirement or under exceptional circumstances according to the current law at that time.
Possible situation to receive benefits in advance:
- Serious Illness
- Long Unemployment
- Dependency
Funds
Investments
The company has selected the basket based on the vendor's advise. Due to the product model, you are not able to choose personalised investments funds.
The retirement product is invested in a basket, which has the following composition, 70% in fixed income and 30% in equities and invested internationally to take advantage of the opportunities offered by the financial markets. This basket has a long-term vision, seeking to obtain profitability without committing risks.
- The result will depend on the return of the investments and there is no return guaranteed.
- The investments are managed collectively without individual assignment of the assets.
- Â In this type of insurance, the positive or negative profitability obtained by the same will be linked to the evolution of the investment funds or groups of assets that make up the investment portfolio affected by the policy, for which reason the Policyholder may have to assume the total or partial loss of the premium contributed to said contract.
How to transfer funds from other Pensions to VidaCaixa
Unfortunately, it is not possible to transfer balances from a pension plan to a Unit Linked insurance policy.
Other risks covered
- It includes a mandatory minimum risk coverage in case of death. The market value of the assets at the time the claim is processed plus a capital sum equal to 10% of that value, with a maximum limit of €6,010.12 and a minimum of €601.01 (the maximum limit being €601.01 and the minimum €300.51 if you are 66 years of age or older).
Retirement Product
RETIREMENT BENEFIT
Your company gives you the chance to make monthly contributions through the Retirement insurance. This will help you to build a savings fund to deal with any financial challenges that may come up in the future so you can enjoy a comfortable and worry-free retirement.
This is not a Pension Plan, but a Retirement product called Unit Linked and a Salary Sacrifice Plan:
- We created a ‘ Unit Linked’ where Clients can add matching contributions.
- We created a Salary Sacrifice plan for all employees, allowing you to contribute voluntarily on the top of the above if you wish to.
Salary Sacrifice (voluntary contributions)
RETIREMENT BENEFIT
- This is a ‘Plan de Seguro Colectivo Unit Linked’ and not a Pension Plan. You can voluntarily contribute via salary sacrifice any amount you decide (with a limit of 30% of your annual gross salary).
- You may change your personal contribution rate at any time online through the Cobee's mobile app
- Contributions are made through payroll deductions on pre-tax income
Limitations and early withdrawal
RETIREMENT BENEFIT
The Retirement Insurance has a tax exemption limit of €100,000 per year.
The total amount of remuneration in kind should not exceed 30% of the employee's gross annual salary.
Take into account that this is a deferred taxation that will be applied at the time of withdrawal, which will be at retirement or under exceptional circumstances according to the current law at that time.
Possible situation to receive benefits in advance:
- Serious Illness
- Long Unemployment
- Dependency
Funds
RETIREMENT BENEFIT
Investments
The company has selected the basket based on the vendor's advise. Due to the product model, you are not able to choose personalised investments funds.
The retirement product is invested in a basket, which has the following composition, 70% in fixed income and 30% in equities and invested internationally to take advantage of the opportunities offered by the financial markets. This basket has a long-term vision, seeking to obtain profitability without committing risks.
- The result will depend on the return of the investments and there is no return guaranteed.
- The investments are managed collectively without individual assignment of the assets.
- Â In this type of insurance, the positive or negative profitability obtained by the same will be linked to the evolution of the investment funds or groups of assets that make up the investment portfolio affected by the policy, for which reason the Policyholder may have to assume the total or partial loss of the premium contributed to said contract.
How to transfer funds from other Pensions to VidaCaixa
Unfortunately, it is not possible to transfer balances from a pension plan to a Unit Linked insurance policy.
Other risks covered
RETIREMENT BENEFIT
- It includes a mandatory minimum risk coverage in case of death. The market value of the assets at the time the claim is processed plus a capital sum equal to 10% of that value, with a maximum limit of €6,010.12 and a minimum of €601.01 (the maximum limit being €601.01 and the minimum €300.51 if you are 66 years of age or older).
Flex Benefits (Salary sacrifice)
Remote offers flexible benefits such as meal cards, childcare vouchers and retirement to employees in Spain. This is voluntary salary sacrifice scheme, 100% paid by employees.
Benefits
Description
Meal Card
Meal vouchers are a great way for you to save time & money when you buy meals during the working day. It’s a flexible benefit that enables income tax-exempt spending on meals in restaurants, cafes, bars, and via online food delivery services.
Details:
- You have the freedom to choose where to use the Meal Card, including restaurants, cafes, bars, and food delivery services like Just Eat and Glovo. However, it cannot be used at supermarkets, airports, or hotels.
- Amounts spent on the Meal Card are deducted from your gross salary through salary sacrifice, resulting in income tax exemption. This reduces the amount of tax paid and provides you with cost savings.
- The income tax exemption limit is €11/day, €220/ month, and €2,420/year.
- Please, bear in mind that you can not spend more than the annual Meal Card limit, which is equivalent to 11 months worth of meal vouchers, the card is limited to 220EUR per 11 months (2420EUR). This means that if throughout January to November you have used the full amount, in December your card won’t be available as it would have reached the legal ceiling
- The Meal Card is available in both physical and virtual formats. You can choose the format that suits you best. Both options provide the same functionality and benefits.
Nursery
The childcare benefit is a service that makes it easier for you to pay for nursery school for children up to 3 years of age, and take advantage of associated tax relief.
Details:
- It can only be used in state-approved nursery schools. Summer camps, English academies, or other similar centers are not included.
- Except for the Basque Country (Alava, Biscay, and Gipuzkoa), where a yearly limit of €1,000 applies, there are no tax exemption limits.
- Redeem the childcare benefit at over 6,000 nursery schools across Spain.
Retirement
Benefits
Meal Card
Description
Meal vouchers are a great way for you to save time & money when you buy meals during the working day. It’s a flexible benefit that enables income tax-exempt spending on meals in restaurants, cafes, bars, and via online food delivery services.
Details:
- You have the freedom to choose where to use the Meal Card, including restaurants, cafes, bars, and food delivery services like Just Eat and Glovo. However, it cannot be used at supermarkets, airports, or hotels.
- Amounts spent on the Meal Card are deducted from your gross salary through salary sacrifice, resulting in income tax exemption. This reduces the amount of tax paid and provides you with cost savings.
- The income tax exemption limit is €11/day, €220/ month, and €2,420/year.
- Please, bear in mind that you can not spend more than the annual Meal Card limit, which is equivalent to 11 months worth of meal vouchers, the card is limited to 220EUR per 11 months (2420EUR). This means that if throughout January to November you have used the full amount, in December your card won’t be available as it would have reached the legal ceiling
- The Meal Card is available in both physical and virtual formats. You can choose the format that suits you best. Both options provide the same functionality and benefits.
Benefits
Nursery
Description
The childcare benefit is a service that makes it easier for you to pay for nursery school for children up to 3 years of age, and take advantage of associated tax relief.
Details:
- It can only be used in state-approved nursery schools. Summer camps, English academies, or other similar centers are not included.
- Except for the Basque Country (Alava, Biscay, and Gipuzkoa), where a yearly limit of €1,000 applies, there are no tax exemption limits.
- Redeem the childcare benefit at over 6,000 nursery schools across Spain.
Benefits
Retirement
Description
Employees can add voluntary contributions towards retirement via salary sacrifice.
Retirement Enrollment & Usage Information
Step 1 - Enrolling:
- Enrolling is the first step in accessing your retirement benefits,
- To enroll, go to your Cobee's app and opt in for the Retirement Benefit.
- You have to indicate the amount that you would like to contribute towards this benefit (if any),
- Retirement can be selected in the Cobee app up to the last day of each month, and enrollment will be effective from the 1st of the following month.
VidaCaixa (neither Cobee) cannot register insured individuals with a passport. Since it is a commitment for retirements, it is necessary to have a NIE (foreigner identification number) or DNI (national identification document). In any case, as soon as they have this document, you will be able opt in for Retirement and start contributing.
Ensure your ID (NIE or DNI) and Post Code are accurately filled out in the Remote platform. These fields are essential for the enrollment process, and any inaccuracies could lead to delays. Learn more
Start and end date of contributions:
- Start date of contributions will be the 1st of the coming month after opting in via Cobee's app. For instance, an employee starting on January 5th and opting in via Cobee on January 15th, will start contributing on February 1st
- Termination date of contributions: As for contributions, both from the employee and the employer, these will be calculated for the entire month, even if the employee's termination occurs at any point during the month. Therefore, the last contribution will be made in the same month that the employee's termination from the company occurs. No pro-rata.
Opt out & terminations
- Can the employee opt-out to the Retirement plan?
If after joining the scheme, employees would like to opt out, they could do that by contacting Cobee support team via app.
Otherwise, employees will be terminated from Retirement on the last day of their leaving month.
- How do I opt back in, if I change my mind?
Employees could opt in back in through their Cobee app.
Contributions & Fees
- Contributions
All employees can view information on the retirement plan in the Aporta+ [VidaCaixa portal] and Cobee app. Employees will receive an email with credentials to access to the Aporta+ platform.
- Fee for Employees (besides the monthly contributions):
- Administration expenses: The annual percentage of administration expenses would be 0.75% on the Accumulated Fund.
- Death coverage fee: Cost may vary according to demographics - average 1EUR-3EUR per month.
The cost is deducted from the monthly contributions.
- Will contributions be split between Customer and Employees?
In Aporta + employees will see the below:
- One section with Unit Linked contributions (employee and company)
- Another section with additional voluntary contributions via salary sacrifice (if any)
Nonetheless, employees will be able to visualise the split via Cobee's app.
Platform
You will receive your credentials to Cobee and Aporta+ via email
Aporta + is the VidaCaixa informative platform where you can access to your contributions balance and profitability.
Once enrolled, employees will receive an insured contract [contrato de asegurado] through the Aporta + platform.
- How to log in?
Employees will receive an email with credentials to access to the Aporta+ platform.
The email will be received within 2-3 days after Cobee submits the registration to VidaCaixa.
Cobee sends the file from the 1st to the 5th month overdue.
If you have any questions, you can view the FAQs in our Help Center (must be logged into the Remote platform)
What if I have a question that isn't answered here?
If you have any other questions please visit the Cobee Help Centre or reach out to the Cobee Support Team to soporte@cobee.io.
Learn more about Remote benefits
How do benefits work when hiring through an EOR?
Watch this quick explainer video to understand how offering benefits works when you hire team members through an employer of record like Remote.