The Spanish parliament has passed an amendment of the law regulating pension funds, the Reglamento de Planes y Fondos de Pensiones, to bring it into line with the EU pensions directive.
The law tackles problems such as the different regulations on pension schemes that have made so far distinctions between self-employed workers and employees. Some of the rules on representation in the comisiones de control, which is equivalent to the fund trustees or board, have been altered.
According the law, financial and actuarial system in pension schemes, should be reviewed every three years with the aid
of an independent actuary.
The financial as-pects of the new law include the establishment of a benchmark reflecting the fund’s investment policy and analysis of possible deviations from the set benchmark. The new regulation also envisages a policy of management and asset allocation based on profitability and risk.
Self employed workers, who employ workers, are now allowed to promote pension schemes, which they can also join. No minimum number of members will be required anymore to set up new pension schemes.
“When a pension plan is devised for a small company, the promoter will proceed to the formalisation of the plan with the fund, provided that the workers agree with it. In this case the promoting committee can set up a control committee,” explains Aon Consulting commenting of the new law.
The comisiones de control is to remain in office for a period of maximum 12 months and is required to have at least five members.
The new regulations no longer require equal share representation of employers and employees in the comision.
“Before the new law, 50% of the member of the comision represented the workers, and 50% the employers. Now, it is not necessarily going to be so, it could be 40-60% ratio, for instance”, an Aon spokesperson says, adding the new rule is likely to please the trade unions. (See News Analysis page 9)

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