Supporting the implementation of occupational pension plans in Spain

The Commission will support Spain on the implementation of the legislation approved by the Spanish Parliament to promote occupational pension plans in Spain.

Context

The Spanish Parliament approved the Law 12/2022, 30 June, for the regulation to promote occupational pension plans (“planes de pensiones de empleo”). The technical support is expected to contribute to the implementation of the reform approved by the Spanish Parliament.

Support delivered

The support will cover six components:

1. The establishment of a governance framework to ensure that the occupational pension system operates in the best interests of members
2. The promotion of competition among the potential management entities and criteria for their selection
3. The facilitation and promotion of access to simplified occupational pension plans, in particular for SMEs and the self-employed
4. The provision of financial incentives to encourage the establishment of and participation in the plans
5. The establishment of a common investment policy framework, integrating environmental, social and governance (ESG) considerations
6. The development of a digital platform to facilitate on-boarding and access of members and employers to information relating to the relevant occupational pension plans and funds, as well as to the accrual of retirement income

Results achieved

Through presenting international best practices and experiences across EU and OECD countries and facilitating engagement with various stakeholders, the technical support project should contribute to increasing the capacity of the authorities to provide people with access to occupational pensions that allows them to diversify the sources to finance retirement.