The Government approves the regulations of the new public pension fund

The Minister of Social Security, José Luis Escrivá. / JOSE RAMON LADRA

Its implementation, however, will still take several months, but the maximum management fee for managing entities is set at 0.30%.

Lucia Palacios

Another step on the long road that still remains to be traveled until it leads to the first public pension fund in Spain. The Council of Ministers approved this Tuesday the decree that contains the regulations by which the employment pension plans will be governed, which, however, will still take several "months" to start up, as recognized by the Ministry of Social Security . Moreover, some sources delay their operation until the end of the year.

The new rule technically regulates the Promotion and Monitoring Commission, a collective body of a public nature, which it endows with a supervisory nature to be able to monitor and act in the event of anomalies in the management of promotion employment pension funds public, establishing a procedure to ensure its proper functioning.

The law also establishes the regime for the constitution and operation of the other supervisory body for employment pension funds and plans, the Special Control Commission, and stipulates the remuneration conditions of its members. Finally, the Government will elect five of its members, while there will be four representatives of the unions and four of the employers.

Access to SMEs and freelancers

Likewise, the regulation details the commissions that may be applied by the entities that deal with the management of the plans included in the publicly promoted employment pension funds. In this sense, a maximum management fee of 0.30% is established. It is also provided that, exceptionally and linked to the expenses incurred when connecting to the Common Digital Platform, the managing entities may pass on these costs for a maximum period of five years. Likewise, a system of maximum transparency is established in the direct and indirect expenses incurred by the management and depository entities in the quarterly and semi-annual reports.

With the regulation approved this Tuesday, it will be possible to proceed to the selection of the members of the Promotion and Monitoring Commission, the design and implementation of the Common Digital Platform and open the selection process of managing entities and depositaries.

The objective of this law is to facilitate the access of SME workers, public employees and self-employed workers to collective pension plans, since these savings vehicles are hardly implemented in Spain. The aspiration is that of the barely one in ten workers who currently have a business plan, levels of 48% similar to those recorded by regions such as the Basque Country, which has its own system of Social Welfare Entities, can be reached. Volunteer (EPSV) employment.