Caja Madrid has already begun its end-of-year pension plan campaign with a new deposit that can only be invested in alongside a fixed income and an equity-linked capital-guaranteed pension plans.
Depósito Futuro is a 12-month or 15-month fixed income deposit paying 4% AER at maturity. Investors in this deposit must also invest in Plan Protegido Bolsa Europa Caja Madrid, an equity-linked capital-guaranteed pension plan with a €100m target volume. The six-year growth structure is linked to the performance of a basket comprising Eni Spa, Eon, Telefónica, Vodafone and Banco Santander. The product will register 7% growth for every anniversary on which all shares are at or above their strike and nothing otherwise.
Spanish providers use the last two months of the year to promote their pension plan range. Plan Protegido Bolsa Europa Caja Madrid is the first pension plan of this end-of-season period, though a number of plans have been marketed throughout the year, including Banif's RV Consolidación, Barclays' Plan de Pensiones Solidez II, Axa's Privilege and BBVA's Plan Revalorización Europa. So far this year the five pension plans have an estimated sales volume of €252m. According to SRP data, eight pension plans were marketed in Spain in 2009 with an estimated sales volume of €464.7m.
Both the deposit and the pension fund will be open until 30 December. Minimum investment is €1,000 for the deposit and €100 for the fund.
This product is available in Recent Additions (Spain).