However, its implementation will still take several months, but the maximum management fee for managing entities is set at 0.30%.
Another step on the long road to go until it leads to the first public pension fund in Spain. The Council of Ministers on Tuesday approved the decree that sets out the rules under which occupational pension schemes will be governed, which, however, will take several more “months” to launch, as recognized by the Ministry of Social Security. In addition, some sources postpone their operation until the end of the year.
The new rule technically regulates the Promotion and Control Commission, a collective body of a public nature, which gives it a supervisory character to monitor and act in the event of deviations in the management of the promotion of employment of public pension funds, establishing a procedure to ensure its proper functioning.
The law also establishes the regime for the establishment and operation of the other supervisory body for pension funds and employment schemes, the Special Audit Commission, and determines the remuneration conditions of its members. Finally, the government will elect five of its members, while there will be four representatives from the unions and four from the employers.
Likewise, the regulation lists the commissions that can be applied by the entities engaged in the management of the plans included in the pension funds for public employment promotion. In this sense, a maximum management fee of 0.30% is set. It is also stipulated that, exceptionally and linked to the costs incurred for connecting to the Common Digital Platform, the managing entities can pass on these costs for a maximum period of five years. Likewise, a system of maximum transparency is introduced in the direct and indirect costs of the management and custody institutions in the quarterly and semi-annual reports.
With the regulation adopted next Tuesday, it will be possible to proceed with the selection of the members of the Promotion and Supervision Committee, the design and implementation of the Common Digital Platform and to open the selection process of managing entities and depositaries.
The aim of this law is to facilitate the access of SME employees, civil servants and the self-employed to collective pension schemes, as these savings are hardly implemented in Spain. The ambition is that of the barely one in ten employees who currently have a business plan, levels of 48% can be achieved comparable to those of regions such as the Basque Country, which has its own system of social security agencies. EPSV) employment.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
