Redemption of a Pension/Education Savings Plan is only possible in the circumstances provided for in Article 4 of Decree-Law 158/2002, of 2 July, i.e.:

a) After the age of sixty is reached or upon retirement by old age, by the participant or their spouse when, as a result of the marital property system used, the savings plan is a shared asset;

b) Long-term unemployment of the participant or any member of their household;

c) Permanent inability to work of the participant or any member of their household, whatever the cause;

d) Serious illness of the participant or any member of their household;

e) Attendance or enrolment of the participant or any member of their household in a vocational training or higher education course, if costs are incurred as a result in the corresponding year.

Redemption effected pursuant to items a) and e) may only take place with regard to payments for which at least five years have elapsed after the corresponding application dates, except when five years have elapsed following the first payment and the amount of the payments made in the first half of the contract term represents at least 35% of the total amount of payments, in which case the participant may demand redemption of the full amount of the savings plan.

This rule also applied to other redemption cases if the person upon whose personal circumstances the redemption request is based was already, at the date of each payment, in one of those situations. Redemption of a Retirement Savings Plan amount is subject to all these rules, except the possibility of redemption pursuant to item e). Redemption of an Education Savings Plan amount is subject to all these rules, except the possibility of redemption pursuant to item a).

It should be highlighted that in addition to the situations listed for redemption of Retirement, Education or Retirement/Education Savings Plans, redemption can also be requested at any time within the terms of the contract, albeit with the established fiscal penalties.