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BOE-A-2026-1225 ·19 January 2026 ·Resolution Low impact
Tax

Pension schemes: maximum interest rate for 2026 set at 3.25%

The Directorate General of Insurance and Pension Funds has established that the maximum interest rate applicable for the capitalisation of pension scheme contributions during the 2026 financial year will be 3.25% (Resolution of 9 January 2026). This limit applies to schemes with defined benefits where only a minimum or specific interest rate is guaranteed, provided the commitments are denominated in euros (Art. 3.1a Order EHA/407/2008).

In 2 key points

  1. The maximum interest rate applicable for the 2026 financial year will be 3.25% (Resolución de 9 de enero de 2026)
  2. Applies to schemes with defined benefit contingencies and a guarantee of a minimum or specific interest rate (art. 3.1a Orden EHA/407/2008)

How it affects those involved

For pension scheme management companies, this percentage acts as the maximum ceiling for quantifying the cost and provisions of schemes covering risks (Art. 19.3 RD 304/2004). Beneficiaries of schemes with guaranteed returns will see the growth of their capitalisation limited to the maximum legal rate established for this financial year.

Lifecycle

2026-01-19PublishedPublished in the BOE
Official text Based on BOE data (boe.es). Information, not advice.

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This analysis is informational only and does not constitute legal advice or create a client-adviser relationship. BM Consulting.
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