Inverco warns of the "systemic risk" of the unlimited rescue of pension plans from 2025

MADRID, 16 Oct.

Inverco warns of the "systemic risk" of the unlimited rescue of pension plans from 2025


The president of the Inverco employers' association, Ángel Martínez-Aldama, has warned of the "systemic risk" implied by the unlimited rescue of contributions to pension plans that are 10 years old from 2025.

During his speech at the XIII National Collective Investment Meeting, organized by APD, Inverco and Deloitte, Aldama asked to establish some type of limit on these redemptions of contributions due to the risk involved.

Specifically, the assets that will be released and available to be redeemed at the client's disposal, instead of doing so according to assumptions as until now, is 64,000 million euros, which represents more than half of the assets managed by the plans. of pensions.

Thus, the president of the employers' association has warned that the unlimited rescue of these plans "could cause serious problems" both in systemic risk, in the markets, in the liquidity of the vehicles and could even imply a "shortening" in the terms of portfolio assets, to the detriment of profitability.

On the other hand, Aldama has also asked to stimulate alternative investments and "reconstitute" the limits in the individual system. "At Inverco we have been defending that we must contribute to the second pillar, but never at the expense of the third," indicated the president of the employers' association.

The changes in the limits to contribute to pension plans, according to Inverco calculations, mean that each year there will be a savings deficit in individual plans of 2,800 million euros.

Regarding the financial field, Aldama has emphasized that the recent financial crises have shown that the focus "should not be on the funds, but on how other financial sectors are supervised. In this regard, he has stressed that the funds " They are not deposits and therefore neither should nor can be supervised as deposits.