Improve savings taxation so that Spain is less dependent on financial markets when it comes to balancing your public accounts and gaining investment capacity. This is the message that Ángel Martínez-Aldama, president of Inverco, transmitted this Tuesday during his speech at the III Active Management Forum, organized by elEconomista.es.
Martínez-Aldama recalled that the Aging Report 2024, triannual report of the European Commission in which the impact of the aging of the population on the economies of the member states is analyzed, presented an unfavorable outlook for Spain, predicting that must dedicate to public pensions in the next two decades 3.5 points more of GDP, around 51,000 million euros, “additional to what we are already paying, to maintain or be able to pay the promised benefits, compared to a European average of 0.4 points,” stressed the president of Inverco. Currently, Spain dedicates approximately 12% of GDP to the maintenance of the pensions.
A deficit for public finances that makes us more vulnerable”, which is why the taxation of savings must be encouraged “clearly and much more”, as well as financial education.
In this sense, Martínez-Aldama stressed that the reform of pension plans carried out by the former Minister of Labor and current president of the Bank of Spain, José Luis Escrivá, “has not gone in the right direction”, so “after four years it is worth sitting down and analyzing what its effects have been.
And according to the association of investment fund and pension plan managers, the result since the measures were implemented to encourage employment plans, known as the second pillar, are that “10.5 billion in these four years, which until 2020 went to long-term savings through the third pillar [el individual] they have not gone [al reducirse la cantidad máxima de aportaciones]. We do not know if they have been destined for consumption, or have gone to unpaid current accounts, deposits… But we cannot waste this opportunity to have greater coverage in the third pillar,” Martínez-Aldama highlighted.
For the president of Inverco, more incentives are necessary, both fiscal and other types, that serve to debate and negotiate in the collective negotiations of social agents, since the reform carried out to date “has not had the effects that the Government expected “he stressed.
Investment value
For the president of Inverco, improving the taxation of savings not only involves having a liquidity cushion to maintain pensions but also to gain sovereignty and independence as a country.
“The role of active management is evident in that Right now we manage the savings of 14 million Spaniards, more than 830,000 million euros both pension plans and domestic and international investment funds that are registered in Spain for marketing. AND We have around 150,000 million euros invested in Spanish assets in Spain, which shows that savings are a source of development of the local economyand that countries that promote and develop their savings obtain dividends in terms of sovereignty and independence to manage their investments and tax collection,” Martínez-Aldama emphasized.
All this in a European context in which numerous reports, such as that of Draghi or Letta, recommend the development of financial markets and improving access for retail investors to achieve “strategic autonomy.”
“A country that does not have or generate long-term savings has a weakness in terms of its investments that becomes evident every time there are problems or crises in the debt markets,” he stressed.
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