When on January 1 the Liquidity window To withdraw part of the funds from the pension plans without penalty, in the financial sector some concern that the Spaniards used this possibility. Anything else … From two months later, the reality is that there has been no huge demand, although there has been some disorder in the management of rescue in financial entities, according to several sources consulted.
Consumers who are going to their bank or manager to withdraw part of their pension plans are finding a slowness that they did not have since this is something that was already planned to occur beforehand. These go to their office to formally request anticipated retirement without penalty but the truth is that in these first two months of entry the financial sector has shown some difficulties in dealing with requests. The problem that has been given in office is that there are bankers that do not know this possibility, and also that they are not sure who has to process these special bailouts.
Some consumers have slowly run into the processing of applications to the point of having to wait more than a month and a half to be able to receive their money. In this sense, the sources consulted indicate that in several entities, including the Great Bank, the procedure is especially delayed by multiple consultations that make various internal departments in office; In all cases consulted, yes, they have found that the legal department must be authorized given the novelty of the entry into force of the regulations.
Given this situation, some entities – among which there are large banks such as BBVA – have created and are creating specific departments to manage all these applications and to maximize fund withdrawal requests. In spite of everything, sources from the financial sector deny that there is the slowness and disorder denounced by some consumers, but that the processing occurs as in the usual cases of bailouts of pension plans.
Some users indicate the slowness of the entities when processing the applications, despite being something that was planned
Since January 1, a drip of applications has been received to benefit from the liquidity window. On that date, the legal possibility of rescuing part of the pension plans funds, with a very clear condition: the savings deposited with an age of at least ten years were opened. This means that money can be recovered – and its revaluation – contributed before 2015. And it can be done without having to meet the demanding conditions that were previously required to rescue the plans, such as having reached retirement, being unemployed long duration or serious illness, among other cases.
It was during the government of Mariano Rajoy when the regulations were relaxed with the aim of improving the attractiveness of these complementary social forecast instruments and making them less rigid. This applies to individual pension plans, while in employment plans there is some particularity that limits it.
Liquidity window
From January 1 you can withdraw the savings deposited with an age of at least ten years. This means that the money can already be rescued – and its revaluation – contributed before 2015. and can be done without having to meet the demanding conditions of rescue of the plans.
The problems
Some consumers denounce great slowness in financial entities to process rescue applications. They point out that there is ignorance in the offices and also on who should process the requests.
Type of plans
This possibility applies to the individual plans and those of employment, but in the latter it must be collected in the specifications of the plan.
Low demand
In the January withdrawal figures, a strong demand is not appreciated, although the doubt is itself obeying the slowness of the procedure.
In employment plans, those within companies, it is required that the possibility is collected in the specifications, something that is not common. That is, the control commissions of the plans would have to modify the specifications of the plan to accommodate the rescue by the workers who have their savings deposited in the plan. “The participants of the pension plans of the Employment System may have the consolidated rights corresponding to the contributions and business contributions carried out with at least ten years of age if it allows the commitment and the specifications of the Plan and with the conditions or limitations that these establish in their case,” specify the regulations in question.
Fear of decapitalization
The fear in the financial sector is that the pension plans be decapitalized by the fact that many people use this liquidity window, but the January data provided by the employer Invercothe last available ones, they show almost no movement. In January, retreats were paid for 287 million euros, barely slightly higher than the same period of recent years but nothing anomalous. From Inverco they recently clarified that it is not possible to know the money that can be rescued with this liquidity window.
The doubt in this case lies in itself the delay in the processing of the applications will make the true effect be seen in the coming months. In addition, in the sector it is also expected that as this possibility will be known, of which no advertising is made, more Spaniards choose to make early partial retreats.
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