The Spanish Parliament approved the Law 12/2022, 30 June, for the regulation to promote occupational pension plans (“planes de pensiones de empleo”).

The Spanish Ministry of Inclusion, Social Security and Migration (MISSM), the European Commission and the OECD have partnered to identify international best practices on how best to implement this legislation and promote occupational pension plans.

The role of the OECD will be to provide policy options that consider international best practices and experiences across EU and OECD countries, the specific legal and pension framework of Spain, the views of the Spanish authorities and other stakeholders on how best to implement the legislation approved by the Spanish Parliament, to achieve its objectives in an efficient manner and in the best interests of members.

The policy options put forward will be particularly mindful of the objective to improve access to all workers, in particular low-income groups, young people, and the self-employed workforce, as well as to reduce the gender pension gap. The OECD will also provide recommendations for  appropriate and adequate communication of the issues to ensure the involvement and understanding of all stakeholders.

This project was launched in September 2022 and will run until 2024.

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• The establishment of a governance framework to ensure that the occupational pension system operates in the best interests of members

• The provision of financial incentives to encourage the establishment of and participation in the plans

• The development of a digital platform to facilitate on-boarding and access of members and employers to information relating to the relevant occupational pension plans and funds, as well as to the accrual of retirement income

• The establishment of a common investment policy framework, integrating environmental, social and governance (ESG) considerations

• The promotion of healthy competition among the potential management entities and criteria for their selection

• The facilitation and promotion of access to simplified occupational pension plans, in particular for SMEs and the self-employed