The Council of Ministers has approved the draft Royal Decree that modifies the regulation of pension plans and funds and the Order that determines the remuneration of the members of the Special Control Commission of employment pension funds of public promotion. The Ministry of Social Security gets unlock public fund launch by establishing that the fund’s advisors, appointed by the Government, employers and unions, will be paid once they manage at least 1,000 million of assets, as reported elEconomista.es.
This modification definitively unblocks the launch of the public fund, which was born almost ten months late without receiving contributions from savers. They introduce technical improvements to the regulations that regulate these plans, while clarifying issues related to the remuneration and compatibilities of the members of the Special Control Commission. As the managers still did not have money, they could not pay the directors’ salaries.. The associations (CEOE, Cepyme, UGT and CCOO) also asked to receive, as an institution, the remuneration of the directors appointed by each of them.
The Government assures that these final touches will represent “a fundamental boost for the second pillar” through the funds that the State will promote under the private management of five banks: VidaCaixa, BBVA, Santander Pensiones, Ibercaja and Caser. The Executive demanded of these managers an ambitious objective of managing 2,500 million, 500 each, between years.
The changes introduced in the regulations will allow, among other issues, that participants can receive benefits in partial retirementa possibility until now this possibility was limited. The text approved by the Council of Ministers also clarifies the content of the investment policy on sustainability. In the case of employment pension funds and personal pension funds, and allows both the Promotion and Monitoring Commission and the Special Control Commission to request legal assistance from the Legal Service of the Social Security Administration.
Ministerial sources recall that the promotion of corporate social security, generalizing employment plans among workers, is a recommendation and will of the Toledo Pact in point 16.
“It represents, in short, one more step towards the constitution of a more modern framework to promote savings linked to the workplace for employed and self-employed workers, guaranteeing their protection and adequate supervision, through the creation of new open, publicly promoted employment pension funds and the promotion of simplified employment pension plans, for their rapid promotion and formalization and their integration into pension funds in an agile manner,” the Ministry explains.
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