The PPR Save & Grow is a Retirement Savings Plan whose purpose is to set up savings to complement the pension when the Insured Person retires.
This article has the following topics:
- How does PPR Save & Grow from Casa de Investimentos work and what are the conditions that apply?
- I have made the first delivery. How do I have access to my investment?
- I already have an active PPR Save & Grow account. Can I make deliveries to it using Coverflex?
- Can I use my PPR funds to reduce my mortgage debt?
- What are the steps to transfer funds from my PPR to another PPR management company?
- Posso transferir o meu saldo do PPR Coverflex Real Seguros E ou outro PPR para o PPR Save & Grow?
How does PPR Save & Grow from Casa de Investimentos work and what are the conditions that apply?
You can set up and make deliveries to PPR Save & Grow using your Coverflex benefits balance, and you can manage it through the Casa de Investimentos platform.
To set up your account, your initial deposit should be of at least 500€. After that, you can carry out deliveries of €100 or more. There is no delivery commission; however, there is a management fee of around 1.68% a year that is taken out of the amount you have in this fund.
If you wish to make an early withdrawal, there will be an associated charge of 2% in the first year and 0% on subsequent years, that is, in a scenario where you wish to withdraw €100 on the first year, you will receive €98 in your account (this calculation doesn't consider the return rate nor the commission fee). From the second year onwards there is no early withdrawal fee.
The product conditions can be read in the "general conditions" document by clicking on "see conditions" in your Coverflex app.
I have made the first delivery. How do I have access to my investment?
Within 3 business days, you will receive an email from Casa de Investimentos on your registered Coverflex email to schedule an identification validation call.
After this call, Casa de Investimentos will move forward with their process of account creation: personal simulation, suitability questionnaire, and document signing.
On your final step of registration on Casa de Investimentos, you’ll see a pop-up window indicating the PPR Save&Grow IBAN. You can ignore this instruction as your funds have already been transferred through Coverflex. This IBAN is only relevant if you wish at some point in time to add extra funds from your personal account. You may click on “Entendi” (”I understood”) to close the pop-up.
If, for any reason, you decide not to move forward with the account creation, your balance will be returned to Coverflex. This process can take up to 15 business days.
I already have an active PPR Save & Grow account. Can I make deliveries to it using Coverflex?
In this case, all investments done by Coverflex will reinforce your existing PPR Save&Grow account.
However, the first investment you make using Coverflex will need to be of at least 500€. The following deliveries have to be of at least 100€.
Can I use my PPR funds to reduce my mortgage debt?
Yes, you can. To do so, please contact Casa de Investimentos either through the chat or their support channels, which you can find here.
Please note that, in order to make a withdrawal for mortgage without penalty in what comes to deductions, the amount must remain in the PPR for 5 years.
What are the steps to transfer funds from my PPR to another PPR management company?
First you need to contact your selected management company, and check with them what are the steps to request a PPR transfer to one of their products, and follow all those steps.
The usual process, will lead the selected management company to reach out to Casa de Investimentos and request them the transfer of the funds, typically this is a process that will take between two to four weeks, for the amount to be transferred, deducting any transfer fee, as well as the date to which the transferred amount relates and on which the transfer was made.
The Insurer or the Fund Management Company that receives the transfer must communicate its acceptance, conveying the proposal of the new conditions to be contracted.
The start date of a transferred PPR will always be that of the initial contract and all of the reinforcements will keep its original dates.
Can I transfer my balance from PPR Coverflex E or other PPR to PPR Save & Grow?
Yes, you can. Please check with Casa de Investimentos what are the steps and eventual costs to do that.