CaixaBank invents the "Retirement Box

CaixaBank is innovating once again by presenting an offer dedicated to preparing for retirement. Called "MyBox Jubilacion", this three-in-one solution offers Spaniards a new way to save for their retirement and thus responds to a major problem. It confirms its 360° approach to its customers' finances, which has already been implemented in several packaged offers and which sets it apart from its competitors.

FACTS

• "MyBox Retraite" is a new complementary retirement solution. It is based on a triple system comprising :  

  • a savings solution with the tax advantages of a pension plan,

  • a unit-linked savings fund,

  • protection in the event of disability or death thanks to a death insurance.

• Personalisation. The system is based primarily on an analysis of the saver's profile (age and income in particular), in order to propose a savings plan corresponding to a retirement objective (amount). The client thus establishes a target capital for his retirement and a monthly savings plan to reach it (based on unlimited contributions).

• The offer is fully packaged as the customer only pays one monthly instalment and only subscribes to the "box" on the face of it, even if three contracts are linked to it.

• Target: customers and non-customers of the bank and distribution via CaixaBank Now and via the bank's branch network. The offer is accessible to people aged 18 to 60, although the main target is a public aged between 35 and 55.

• "MyBox Retraite" also promises a certain flexibility by allowing future customers to adjust their contributions over time or to buy back part of their investment if necessary.

• The offer is also associated with a loyalty programme since CaixaBank is committed to reimbursing 27% of the contract contribution every three years.

CHALLENGES

• An all-in-one offer: CaixaBank is promoting an all-in-one contract for preparing for retirement. "MyBox Retraite" is based on a solution combining three products, thus combining liquidity, tax advantages and family protection. It is this diversity of products that sets CaixaBank apart from its competitors, most of whom offer only part of the solution. The approach is very simple for the customer, who only has to determine an amount and is then guided in the implementation of the plan to achieve it.

• CaixaBank is thus continuing to develop its "MyBox" insurance products, which are already available for cars, health, the home and home security, always in a packaged approach including financial products and affinity services.

MARKET PERSPECTIVE

• In Spain in 2022, it will take 37 years and 6 months of contributions to access a retirement pension from the age of 65, or wait until 66 years and 2 months to retire. But beyond the age of access to retirement, as in France, the amount of the pensions raises questions for a large part of the population.

• Although supplementary pensions cannot solve everything, they are still an answer for many citizens and CaixaBank's new offer represents an innovative alternative solution.