Banks are obliged to report transparently the risks of the different types of collection of pension plans. This has been ruled by the Supreme Court following a case filed by the daughters of a man who had contracted a plan for the monthly insured income for 15 years but died when only seven had passed. The Civil Chamber has now forced the entity, Ibercaja, to pay the daughters the money they stopped paying between the death of the man (May 28, 2010) and the date on which the plan was extinguished (1 July 2018).
The man hired the pension plan in 1994 and when he retired, in 2013, he opted for the method of collecting monthly and fixed insured rent for fifteen years, at a rate of 237 euros per month. He had designated his wife as a beneficiary in case of death, but she died two years before him. The daughters of the couple wanted the promoter and the plan manager to be sentenced to pay the rent they had not paid since their father died and a court of first instance in Zaragoza agreed with them. The Provincial Court revoked that resolution, but the heiresses appealed to the Supreme Court, which has upheld their request.
In the ruling, which was chaired by the magistrate María de los Angeles Parra, the Chamber considers especially enforceable the "duties of information and transparency" on the rights and the different modalities of collection of pension plans. "Each of these collection modalities presents advantages and risks, and the assessment of the best way to collect will depend in each case on the needs of the beneficiary," says the court, which warns that in order to make that decision the beneficiary needs to know the risks of each one.
In the case of the Ibercaja plan, the Supreme Court believes that there was no adequate information on the characteristics of the collection options and, in particular, on the extinction of the right to collect the generalized income if the beneficiary and his wife died before the guaranteed period of 15 days. years. The Board considers that, as the pension plans are products that are marketed as a form of savings, for an average consumer without specific knowledge the same expression "insured income" evokes the guarantee that the income will be collected during the total term agreed.