The managers are preparing to share the cake of up to 100,000 million euros from the Escrivá employment pension plan

• The Government presses with employment pension plans when it has been since 2011 without contributing a single euro to those of officials

The Government is finalizing a second regulation that clarifies the operation of the future

promotion

, regulated in Law 12/2022, in which it wants

, and will soon publish the

public by which it will be decided which entities will manage the savings deposited by the workers.

Currently, only two million workers in Spain have an employment pension plan implemented in their workplace.

The objective is to increase its penetration and that more and more workers have

when they retire.

To achieve this, the idea is to create pension plans promoted by the public sector, but whose day-to-day investment will be managed by

chosen by competitive competition.

As EL MUNDO has learned from sources familiar with the Executive's plans,

but it will take between

until the

to the managers is carried out.

Minister Escrivá has publicly stated that he expects the plan to be operational "in the spring", but the sources consulted believe that it will be necessary to wait at least until summer for them to be active.

The top 10 pension fund managers in Spain have

and they are all

that have been held in recent weeks.

It is expected that a third meeting will be held these days to advance in the configuration of a first, smaller version of the

through which the interaction between managers and workers will be articulated.

Once the pension plans have been chosen and made available through this

that they are preparing, it will be

in the social dialogue that will have to

on whether the sector they represent (in the case of sectoral agreements) or the specific company (if it is a company agreement) articulates an employment pension plan for its workers.

In that case, it can be the public plan, which will have commissions below the market, or a private one that they already have articulated.

"

, president of

(the employers' association of the sector's entities)

, warns this medium .

He also recalls that in many cases it will be necessary to wait for the

for the negotiation of the employment plan to take place.

Movements in the industry

In the sector there is a bittersweet feeling regarding the future of the strategy promoted by the Government.

is opening up before them ,

which market sources estimate

"It is an opportunity. Awareness among managers of the need to bet on sectoral pension plans has been awakened and to the extent that this materializes, it will be very positive for the industry," they comment in conversation with EL MUNDO.

Although it is unknown for now what

will be imposed on the managers to qualify for the contest, it is expected that the Government will

based on their distribution capacity and their capillarity, which could in practice

some entities such as the

whose products are always marketed through third parties.

It is for this reason that

international managers are mobilizing so that national ones (Santander, BBVA, Caixa, etc.) include some of their investment vehicles in their proposals, since When they submit to the tender, they may present personalized investment packages (for example, they could present a product that allocates 80% of the savings to several investment funds from different managers and that invest in different assets, and 20% to alternative investment - real estate, venture capital, etc.-).

Each one may present 3 or 4 different investment proposals and the Promotion Commission, made up of Administration personnel, will select

The Government has approved

to make it more attractive for companies to articulate these employment pension plans and, above all, make contributions to contribute to the savings of their employees, although the

considers that these incentives are "

".

very low commissions

On the other hand, one of the problems that arises for the managers that opt ​​for the cake will be that Escrivá will not allow the collection of

as stated in the already approved partial regulation, a level which is below the market and is also lower than what is allowed for public employment plans in force in other countries.

The president of INVERCO regrets that "in the

the minimum commission is

for a system that is

, not voluntary like the one in Spain, with which at the beginning of each month there are contributions that are collected on a mandatory basis and a 0.5% is made available to the manager plus transaction commissions.In

it is

and in

, where the system is semi-mandatory, the commission can reach a maximum of

.

Only the experience of three specific countries shows that either they are too expensive or what is being proposed here is too cheap.

We have transferred it to the Ministry: with that level of commissions, doing the administration, management, promotion... is complicated and that can have an impact either on the type of assets or on the quality of not only the management but also the distribution and promotion".

"This is the right time to put all the meat on the grill and

for companies, who now have less than in 2012.

because if this doesn't take off it will take a long time to have an opportunity like this" , the Mint.

According to the criteria of The Trust Project

Know more

• pensions