2023-07-22 13:24:32
The Social Security has awarded to VidaCaixa, BBVA, Caser, Santander and Ibercaja the management of funds pensions public promotion employment which are expected to be operational before the end of the year. This is the new figure with which the Government intends to boost forecast savings between the companies and that will have cheaper commissions for workers than individual employment plans, which are the most massive product.
The contract, with an estimated value of 24 million euros, will foreseeably come to fruition before the end of August, once any allegations are resolved, and will allow the start-up of 15 pension funds that have been awarded in 5 batches of 3 funds each.
The five managers have been chosen by Social Security in a bidding process in which the offers have been assessed based on the best value for money, according to the award document. Mapfre Vida and Nationale Nederlanden also opted for the tender, which have been left out of the award.
The requirement established by the contract establishes a range for the management fee between 0.1% and 0.299% annual. BBVA and Caser had submitted exceptionally low offers, with commissions of 0.15% and 0.1%, respectively. Ibercaja and Santander offer 0.20% in both cases and VidaCaixa has set it at 0.26%. Mapfre and Nationale-Nederlanden submitted offers with management fees of 0.29% and 0.2%, respectively.
The contracting table has taken into account, in addition to the cost of the commissions (they score more, the cheaper), the average return of the last years (where VidaCaixa has obtained the best rating). Additional points are also given for including a sustainable investment perspective, for dedicating a part of the investment to startups, taking into account the life cycle of the participants (with a greater weight of investment in the Stock Market for younger workers, which is reduced as retirement age approaches, following the traditional criteria in the investment world).
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