Another step to definitively launch this public employment pension macro fund that is resisting despite receiving 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 tie up 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 activate a savings vehicle for retirement that until now has little implementation in Spain, unlike what happens in other countries such as the United Kingdom.
However, its implementation will be delayed for several months since the financial entities that will manage and safeguard these savings still need to be put out to tender and the single digital platform where the movements will be made and the investments can be consulted is created.
Among the measures included in the new regulations is to allow the participant to continue making contributions to these pension plans in cases of partial retirement. In addition, it makes it possible for 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, first of all, the basic elements for the constitution and operation of the new open, publicly promoted employment pension funds. Specifically, the characteristics and functionalities of the common digital platform are included through which all 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 soon, will be an essential tool so that participants have access to all relevant information at all times in an accessible and transparent manner, according to the ministry.
For civil servants and self-employed workers
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 public promotion and private promotion, promoting digitalization in all sectors. 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 plan.
Reduction of the deadline to join
The standard establishes the procedure for integrating simplified pension plans into new publicly promoted pension funds or into other 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 participants and beneficiaries and the specification of the functions of the Special Control Commissions. .
Access to these instruments is also extended to all workers, with the reduction of 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, in venture capital and entrepreneurship are facilitated.
The objective of this macrofund is to facilitate the access of SME workers, 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% similar to those registered in regions such as the Basque Country, which has its own system of Social Security Entities, can be reached. Voluntary (EPSV) employment.
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