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?
- I want to cancel my investment. How should I proceed?
- Can I use my PPR funds to reduce my mortgage debt?
- Can I transfer my balance from PPR Coverflex E or other PPR to PPR Save & Grow?
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What are the steps to transfer funds from my PPR to another PPR management company?
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 250€. After that, you can carry out deliveries of €100 or more. There is no delivery commission; however, there is a management fee of approximately 1.4% per year, which is deducted from the fund's value. The Total Expense Ratio (TER) is 1.66%.
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?
On the business day following your selection of this product, Casa de Investimentos will contact you via your Coverflex-associated email to start the opening of your PPR Save & Grow Account (this is a 100% digital process, available 24/7).
The following documents are required:
Identification Document (ID)
Proof of Address
Proof of Employment Status
Proof of IBAN
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 250€. The following deliveries have to be of at least 100€.
I want to cancel my investment. How should I proceed?
If, for any reason, you decide not to proceed with the creation of your PPR, your balance will be refunded to Coverflex and subsequently to your benefits balance. This process may take up to 15 business days to be completed.
To cancel your investment, you need to contact Casa de Investimentos directly. After your request, they will inform us so that we can process the refund to your benefits balance.
Your investment is only confirmed after your account has been opened.
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.
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.
What are the steps to transfer funds from my PPR to another PPR management company?
First, you should contact the new entity to confirm the necessary steps to request the transfer and follow their instructions.
In the standard process, the new entity will contact Casa de Investimentos to request the transfer of funds on your behalf. Typically, this process takes between two to four weeks for the funds to be transferred — deducting any applicable transfer fees — and for the effective date of the transferred amount to be confirmed.
The new entity must communicate its acceptance by presenting the proposal with the new contractual conditions.
The start date of a transferred PPR will always be that of the initial contract, and all contributions will retain their original dates.