Payment of the bonus is considered a return on investments subject to withholding. It will be included in the tax basis of savings that is taxed at the corresponding rates on the current scale based on the territory of the tax residence of the recipient.

Returning the Bonus, in the case referred to in the preceding section, shall be considered negative return on investments which will lead to the current compensation rules established by tax legislation. 

The participant/member is required to keep the vested benefits generated with the contributions benefiting from the bonus for 5 consecutive years starting from the date the bonus is paid. 

During this period, the participant/member must also comply with the following: 

1. The participant's/member's vested benefits in the plan must not be transferred in whole or in part to any other pension plan, individual employee pension plan or guaranteed benefit plan promoted by institutions outside the BBVA Group.

2. The participant's/member's vested rights in the plan must not be transferred in whole or in part to any other pension plan, individual employee pension plan or guaranteed benefit plan promoted by BBVA not included in this campaign.

In the event of non-compliance, the participant/member must return the bonus in accordance with the following rules:

1. If during the five years following the payment, the participant/member transfers in whole or in part the vested benefits in the plan to any other pension plan, individual employee pension plan or employee pension plans to institutions outside the BBVA Group, they will be required to return the bonus in proportion to the number of transferred shares at the net asset value on the date on which the contribution was made and in proportion to the time spent in the plan.

2. If during the five years following the payment, the participant/member transfers in whole or in part the vested benefits linked to the bonus to any other pension plan or individual employee pension plan promoted by BBVA other than the plans under this campaign, they will be required to return the bonus received in proportion to the number of transferred shares at the net asset value on the date on which the contribution was made and in proportion to the time spent in the plan. 

3. If, within this period, the participant/member cashes in any or all of the vested benefits linked to the bonus in this Campaign for any of the reasons or exceptional circumstances provided for in the plan rules, the participant/member shall be required to return the bonus of this campaign in proportion to the number of shares cashed in at the net asset value on the date on which the contribution was made and in proportion to the time spent in the plan, unless they are cashed in the form of regular income, in which case no return is required. 

The participant/member irrevocably authorizes BBVA to apply cash deposits and conduct any kind of credits, commercial papers or securities that may be deposited at BBVA in order to pay for – with their amount and up to the sum they reach – the return of the bonus.

Additionally, and in the event that it is not possible to perform the return as described above, the participant/member irrevocably agrees to return the bonus at the amount that he/she receives from the plan at the time. 

Go to bbva.es to see liquidity alerts, risk indicators and a document with key data for participants of every pension plan.