Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 234

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 6
Chunk 234
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 the Senior Management, the following aggregate amounts were recorded: an amount of €4,226 thousand for contribution to the retirement contingency (which corresponds to the annual contribution agreed to cover the retirement contingency, increased by an amount of €150 thousand corresponding to the upward adjustment of “discretionary pension benefits” for 2023 financial year which were declared at the end of that financial year and had to be registered in the accumulated fund in 2024), and an amount of €1,181 thousand for premiums to cover the death and disability contingencies.
As of December 31, 2024, the total accumulated amount of the fund to meet the retirement commitments for members of Senior Management amounted to €40,549 thousand. 
As in the case of executive directors, 15% of the agreed annual contributions for members of the Senior Management to cover retirement contingencies will be based on variable components and considered “discretionary pension benefits”, and therefore subject to the conditions regarding delivery in shares, retention and clawback established in the applicable regulations, as well as any other conditions concerning variable remuneration that may be applicable in accordance with the remuneration policy applicable to members of the Senior Management.
Therefore, with regard to the agreed annual contribution for the retirement contingency registered in the 2024 financial year, an amount of €587 thousand was registered in 2024 as “discretionary pension benefits”, and following the end of the financial year, this amount was adjusted applying the same criteria used to determine the short-term incentive for 2024 financial year that is part of the annual variable remuneration for members of Senior Management. 
Accordingly, the “discretionary pension benefits” for members of the Senior Management for the 2024 financial year were determined in an amount of €741 thousand, representing an upward adjustment of €154 thousand. This upward adjustment to the “discretionary pension benefits” will be included in the accumulated fund in the 2025 financial year, and will be subject to the conditions established for them in the remuneration policy applicable to members of Senior Management, in accordance with the regulations applicable to the Bank on this matter.
In accordance with the above, amounts recorded to meet the pension commitments for the members of Senior Management during 2024 and 2023 are indicated below:

Pension systems (thousands of euros)         Contributions (1)                                                     Accumulated funds
                                             Retirement              Death and disability                                           
2024                                                     2023        2024              2023                      2024