Ibercaja calls for reforms to boost long-term savings and give stability to the pension system

MADRID, 16 Nov.

Ibercaja calls for reforms to boost long-term savings and give stability to the pension system


The CEO of Ibercaja Banco, Víctor Iglesias, has warned of the need to undertake reforms to provide the public pension system with "stability and sustainability", developing long-term private savings formulas that complement public pensions.

At the inauguration of the VIII Conference on Pension Plans in Spain, organized by 'Cinco Días' and Ibercaja, Iglesias has warned that greater present and future longevity breaks the financial balance of the current public pension system, which makes it necessary for "deep reforms" are carried out.

In this sense, he stressed that the group of Spaniards of retirement age represent 30% of those between the ages of 16 and 64, a percentage that will exceed 53% by mid-century, which will imply a growth in spending on pensions that, in his opinion, should "make everyone think".

The bank's CEO has shown his conviction about the need to sensitize and make the population aware of this reality, both from the political and economic spheres and from the media.

"Citizens who are part of the active population of this country must become aware of the magnitude of the challenge and that it is necessary to introduce cultural, habit, fiscal and regulatory changes, in order to guarantee our economic well-being, our spending capacity and quality of life, once we move from the active stage to retirement," he said.

Although the manager considers that there is a high level of consensus among experts on the advisability of developing long-term private savings formulas that make it possible to supplement public pensions and increase the financial wealth of families, he has warned of the existing impasse "due to the absence of a long-term vision explained and shared with society and by the lack of agreement in the political sphere to define in the most consensual way possible what are the main lines of the reform itinerary".

In this scenario, Víctor Iglesias pointed out that from Ibercaja they are "firmly convinced" that in order to progress and increase the probability of making the right economic policy decisions, in the configuration of the offer of banking products and in the decision-making of the savers it is "key" to attend to the advice of experts in the field.