Insurance to ease the burden on pension funds

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Insurance to ease the burden on pension funds - Insurance to lighten the administrative scheme. The manager negotiates with the Ministry of Justice to remove the entry in the Borm. In September a draft presented to the industry. Also lower the capital requirements imposed on managers.

The Directorate General of Insurance and Pension Funds (DGS) will meet one of the old claims of collective investment schemes. The supervisor prepares a document which aim at reducing administrative barriers that must deal with pension plans.

"The pension system has more than 20 years and we need to give it a spin to reduce the burden," says Ricardo Lozano to CincoDías yesterday during a conference on social welfare in Spain yesterday organized by Rural Insurance Group (RGA).

The intention is to eliminate the requirement to register in the Official Gazette of the commercial register (Borman) pension funds as they are already on file with the DGS. This move would open the way for other collective investment schemes such as unit trusts, the securitization of small or nuclear moratorium, which currently only in the Commission Nacional del Mercado de Valores (CNMV).

Angel Martinez-Aldama, director general of the Association of Collective Investment Institutions (INVERCO), remember that these procedures are expensive because, in addition to the initial registration was to record any variation in Bormes in the commission of a control plan. Moreover, in view of the representative of employers, "the change does not reduce the information to third parties and provides the procedures."

For Ricardo Lozano, the key is striking a balance between legal certainty and to obtain a product efficiently managed. " Because, as the director admits the agency supervisor is essential to avoid unnecessary administrative burdens because "there's always someone who is paying, and that person is the final customer."

From industry

The DGS has already begun to discuss with the Ministry of Justice the necessary modifications. The representative reported that the supervisor expects to have a draft ready in September. So, this document will be presented to industry and social partners.

In Spain had, by the end of March, 3291 retirement plans with assets set of 76,244 million euros. Are run by 82 groups and have 10.5 million members.

Moreover, Ricardo Lozano denied that there will be upcoming changes to the taxation of savings products. And he recalled that in any case, this work is the Directorate General of Taxes. "