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The average investment in individual pension plans does not reach 12,000 euros

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The regulatory environment for pension plans remains in question. The Government has threatened to introduce modifications in the General State Budgets for 2021, if they are finally approved and we do not follow another year with Montoro's 2018, to mitigate the annual cost that tax deductions for pension plans imply on the Treasury.

With the excuse that these plans only benefit the rich, they aim to limit the maximum annual amount of contributions that participants can make downwards. The problem does not seem to be that, but the money that Spaniards have invested on average in these financial products: just under 12,000 euros. But Spanish politics have these things, the populist measures are intended to distract attention from the real problems that affect many Spaniards.

With that amount, light years from our European neighbors, and counting on the Treasury penalty when it reimburses the money invested in pension funds on the day of retirement, almost no worker will be able to supplement their pension effectively, despite the fact that there are more than 9 million participants in our country.

It seems that we only want Europe to request aid, while we ignore and we delay your recommendations and regulations to improve the retirement of workers. If not, it cannot be understood that we continue to postpone the entry into force of pan-European pension plans, a solution designed in Brussels to improve this market and promote savings for our future pensioners.

Waiting to see what happens is not a consistent solution. We must promote private saving in the face of the Social Security disaster and the near end of the retirement benefits that we have known. Now that banks are back on the job to attract customers before the end of the year, offering up to 5% in cash payments to the participants who transfer their pension plans to them, it is time to reflect and do what is most convenient for investors.

With the majority of pension plans with negative returns so far in 2020, choosing those that have fewer commissions and have performed better is a must. Transferring them just because you can get a subscription is counterproductive, because to the high commissions that they support must be added poor management and an obligatory permanence of up to 7 years. Almost a blank check. Opting for neofunds like Feelcapital 50, with the lowest commission on the market and robotic advice, is a smart solution to the siren songs that we always hear when Christmas approaches.

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