Saving for retirement is not easy, especially in this difficult market situation. However, it is necessary and it involves establishing correct discipline and long-term planning.
At Mutuactivos Pensiones, the Grupo Mutua pension plan manager, they are aware of the need to analyze each specific situation, especially in the case of companies: how many employees they have, in what age ranges, etc., since for them It is becoming increasingly interesting to establish a pension plan that helps its workers in this mission of long-term savings.
"The situation of pensions in Spain means that these plans are increasingly considered a differential social benefit when it comes to attracting and retaining talent, and that they are increasingly valued within the company's remuneration policy," Ricardo comments. González Arranz, CEO of Mutuactivos Pensiones.
Mutuactivos provides a bespoke wealth advisory service that helps companies design the product they need, taking all the details into account. Specifically, the manager of Mutua Madrileña has Fondomutua Empresas, a jointly promoted pension plan that large and small companies have already joined this year. Ricardo González Arranz highlights, above all, the help they are providing to small and medium-sized companies so that they can establish a long-term savings system for their employees.
These jointly promoted pension plans are made up of several companies in order to pool assets, lower costs and expedite regulatory procedures. “Companies especially value the experience and solidity of the Mutua Group and the management capabilities of Mutuactivos. This year, SMEs that had never thought of developing an employment plan are approaching us, so we are helping them set up their products from scratch”, he adds.
Fondomutua Empresas PP is a joint promotion plan managed under the life cycle philosophy, which allows the investments and risk profile of the portfolio to be modified over time.
“This is a pension plan aimed at all types of companies, whatever their size. Where we are seeing that there is a notable need for savings and planning with a view to the long term is in small and medium-sized companies”, comments Ricardo González.
Jointly promoted pension plans present important advantages, both for companies and for employees. "For companies, this type of instrument reduces the administrative burden and dedicated resources associated with setting up a traditional employment pension plan," says Ricardo González.
Taxation is another important element of these instruments: "The contributions made by companies in favor of their employees have advantages both in Corporate Tax and in the contributions that they make to Social Security and also allow employees to maximize the benefits taxpayers in their personal income tax," recalls González.
On the other hand, for employees to have a company pension plan is a benefit in the form of compensation in kind on which the employee is not taxed. “Through a jointly promoted pension plan, the employee's retirement savings capacity is expanded. If the company has an employment plan, the legal contribution limits with the right to a bonus in personal income tax go from 1,500 to 10,000 euros”, recalls Ricardo González Arranz.