The Government's fiscal punishment for individual pension plans reduced contributions by 40% in 2021

• Extinction of the sicavs Funds, liquidations and reconversion of the investment arm of the rich

The Government included in the 2021 General Budgets a fiscal blow to individual pension plans by lowering

the limit of the maximum contributions that could be deducted in personal income tax

The impact of that measure after a year of application has resulted in

in the individual system compared to the previous year and, furthermore, practically none of that amount has been redirected to the Job.

The data thus confirms one of the greatest fears of the fund sector and of the investors themselves before the measure came into force, and that is that the tax change on these products would end their main attraction and discourage citizens from directing their savings to them.

Specifically, the gross contributions in the individual plans

, compared to 4,314 million the previous year.

It is the lowest figure in the last nine years, according to the balance presented yesterday by

, the employers' association of Collective Investment Institutions and pension funds.

The organization also warned of the effects of the reduction from 2,000 euros to 1,500 euros that the Executive has once again included in the Public Accounts for 2022 and predicted that it is likely that net benefits will be negative again at the end of this exercise.

The president of Inverco,

, stressed during the presentation of the results that the "drastic" reduction in limits has not been accompanied by a regulatory framework that encourages business plans, so it will probably not be translate into a higher level of contributions to the latter.

Along the same lines, the president of the Pension Funds Group,

, was concerned about the fall in subscriptions that is not being transferred to the second pillar.

"A three-legged stool does not limp," Iglesias said in statements collected by Europa Press.

The momentum of the markets

The collapse in individual plans weighed down gross contributions for all plans to 3,833 million euros in 2021. For their part, gross benefits fell to 4,103 million, so net benefits in 2021 were 270 million of euros.

Only the good behavior of the markets and the consequent

saved the positive balance of the individual system, whose assets grew by 8.9% compared to the previous year, to 89,323 million euros.

"This increase has not been supported, as has been happening in recent years, with a greater volume of net contributions to the system, since the reduction of tax incentives for this savings instrument has reduced the volume of gross contributions by 40%. % compared to the previous year", collects the annual report of Inverco.

Regarding the

, the other collective investment instrument affected by the regulatory and fiscal changes of the Government, the employer expects that their assets will be reduced by 7% in 2022, a more optimistic forecast than that of the market consensus, although this It is because Inverco expects the fall to occur in a stronger way in 2023, as detailed by Inverco's CEO,

The president of the Group of Collective Investment Institutions,

, pointed out that these companies, which for years have been one of the favorite investment vehicles among the great fortunes, is the only vehicle that last year has had a decrease in assets under management, with which the downward trickle of the last exercises.

For 2022, the employers' forecasts contemplate that the central banks will tighten their monetary policy and accelerate the reduction of the stimuli put in place by the pandemic, as well as a cooling of economic growth.

With these perspectives, Inverco believes that it is likely that the savings accumulated by families without exposure to markets will register new historical highs, and that investment funds will probably be "the only instrument that maintains the attractive investment for households, as has been happening in The last two years".

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