2023-07-18 16:41:43
One more step to definitively launch this public employment pension macrofund that is resisting despite the fact that it received the green light almost a year and a half ago. The last Council of Ministers of this legislature approved this Tuesday the final phase of the regulation that was missing to leave tied one of the star projects of the Minister of Social Security, José Luis Escrivá, which was included in his pension reform and with which he intends to Activate a savings vehicle for retirement, which up to now has little use in Spain, unlike what happens in other countries such as the United Kingdom.
However, its implementation will still be delayed for several months since the financial entities that will manage and guard those savings still need to be tendered and the unique digital platform is created where the movements will be made and the investments can be consulted.
Among the measures included in the new regulation is allowing the participant to continue making contributions to these pension plans in cases of partial retirement. In addition, it in turn enables savers to benefit from contributions made by companies through commercial programs or sponsorship campaigns, putting into practice one of the innovation proposals resulting from the financial sandbox.
The Royal Decree establishes, firstly, the basic elements for the constitution and operation of the new publicly promoted employment pension funds open. Specifically, the characteristics and functionalities of the common digital platform are included, through which all the operations and communication between promoters and participants will be carried out and which will also offer general information for all entities and citizens.
This platform, which will be launched shortly, will be an essential tool for participants to have all the relevant information accessible and transparent at all times, according to the ministry.
For civil servants and freelancers
Secondly, the regulation of simplified employment pension plans is completed for their rapid promotion and formalization and their integration into pension funds in an agile manner, both publicly promoted and privately promoted, promoting digitization in all processes.
Workers from companies with sectoral agreements, public employees, self-employed workers and members of associations, federations and cooperatives can benefit from this type of plans.
Reduction of the term to adhere
The regulation establishes the procedure for integrating the simplified pension plans into the new publicly promoted pension funds or into other already existing pension funds. Likewise, the Royal Decree establishes the identification and delimitation of the promoters, as well as the information to be provided to participants and beneficiaries, aspects related to the mobilization of the rights of the participants and beneficiaries and the specification of the functions of the Special Control Commissions. .
Access to these instruments is also extended to all workers, reducing the period from two years to a maximum of one month for a worker to join the employment pension plan.
Additionally, the investment regime of pension funds is updated, reinforcing the policies of involvement of pension funds as institutional investors: investments in collective investment institutions, venture capital and entrepreneurship are facilitated.
The objective of this macro-fund is to facilitate the access of workers of SMEs, public employees and self-employed workers to collective pension plans, since these savings vehicles are barely implemented in Spain. The aspiration is that of the barely one in ten workers who currently have a business plan, levels of 48% can be reached similar to those registered in regions such as the Basque Country, which has its own system of Social Welfare Entities Voluntary (EPSV) employment.
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