MADRID, 19 Oct. (EUROPA PRESS) -

The Royal Decree that reforms the regulation of pension plans and funds to promote employment pension plans will enter into force tomorrow after its publication this Wednesday in the Official State Gazette (BOE).

Through this new rule, approved yesterday by the Council of Ministers. the institutional architecture of the publicly promoted employment pension funds (FPEPP) approved last June within the framework of the Law regulating the promotion of employment pension plans, whose objective is to facilitate access to SME workers, public employees and self-employed workers to collective plans.

The regulation published today in the BOE will allow said Law to fully deploy its effects in the coming months.

It technically regulates the Promotion and Monitoring Commission, a collective body of a public nature, giving it a supervisory nature to be able to monitor and act in the event of anomalies in the management of publicly promoted employment pension funds, establishing a procedure to ensure its proper functioning.

The norm also regulates the regime for the constitution and operation of the other supervisory body of the employment pension funds and plans, the Special Control Commission, and stipulates the remuneration conditions of its members.

The regulation details the commissions that may be applied by the entities that deal with the management of the plans included in the publicly promoted employment pension funds, establishing a maximum management commission of 0.30%.

The remuneration system for depository entities of publicly promoted pension funds is also set below 0.10% per year of the value of the position accounts to which they must be allocated.

It is also provided that, exceptionally and linked to the expenses incurred when connecting to the Common Digital Platform, the managing entities may pass on these costs for a maximum period of five years.

A system of "maximum transparency" is also established in the direct and indirect expenses incurred by the management and depositary entities in the quarterly and semi-annual reports.

In addition, with this regulation, it will be possible to proceed to the selection of the members of the Promotion and Follow-up Commission, to the design and implementation of the Common Digital Platform and to open the selection process of managing entities and depositaries.

As established by the rule, the Promotion and Monitoring Commission of the open public promotion employment pension funds will be made up of nine members, career officials with the level, at least, of deputy general director and assimilated. It will act as a public promoter of this type of pension funds and will be attached to the Ministry of Inclusion, Social Security and Migration.

The presidency, the vice-presidency and the substitution of the vice-presidency of the Promotion and Monitoring Commission will be exercised by three of the members designated by the Ministry of Inclusion, who will be appointed in their positions by the Secretary of State for Social Security and Pensions.

The remaining members will assume the respective vocal positions. The Promotion and Monitoring Commission will meet on its own initiative or at the proposal of three of its members and, at least, on a quarterly basis, and will adopt its decisions by a simple majority of its members.

This commission will enable or designate one or more of its members to attend, on behalf of the Commission, the constitution of the pension funds together with the managing entity and the depositary entity.

If the Promotion Commission detects any regulatory breach or significant anomaly in the activity of a management entity or depository or of the Special Control Commission, it will urge them to adopt the necessary measures for its correction within the period established for that purpose, which in no case shall it exceed one month.

If the aforementioned entities do not adopt the appropriate corrective actions within the indicated period, the Commission will inform the General Directorate of Insurance and Pension Funds in order to adopt the pertinent measures.

The management entities, depositaries and the external auditors will send to the Special Control Commission and the Promotion and Monitoring Commission, on an annual basis and in the month after the formulation of the annual accounts, a report on incidents detected and proposals for improvement in the performance.

For its part, the Special Control Commission will be made up of 13 members and will be in charge of supervising all open publicly promoted employment pension funds. Each of these funds is managed by a management entity with the assistance of a depositary entity.

The Promotion and Monitoring Commission, meeting in plenary session, will appoint the members of the Special Control Commission after verifying that the proposed candidates meet the legally established requirements. The renewal of the members of the Special Control Commission will be partial and will take place every three years.

In the case of the renewal of the members proposed by the most representative trade union organizations and by the most representative business organizations, it will be carried out by half of its members.

In the case of the renewal of the members proposed by the Ministry of Inclusion, Social Security and Migration, it will be carried out alternately by three and two of its members, the first renewal being three members.

The Special Control Commission will meet in plenary session at least once a month and minutes will be drawn up for each session, which will be sent to the Promotion and Monitoring Commission and to the managing entities and depositaries.

For the development of its functions, the Special Control Commission may appoint external service providers.

The position of member of the Special Control Commission will be remunerated. Remuneration will be linked to attendance at meetings and will take into account the evolution of the number of pension funds, of participants and beneficiaries and the volume of assets of open publicly promoted employment pension funds.

The Promotion and Monitoring Commission of the open public employment pension funds will urge unions, employers and the Ministry of Inclusion to propose their candidates to serve as members of the Special Control Commission within a month from the Constitution of the first publicly promoted employment pension fund.

Within a month from the date on which all the members are appointed, the Promotion and Follow-up Commission will convene them for the constitution of the Special Control Commission.