- The average management fee is reduced from 1.50% to 1.25%, while the deposit fee goes from 0.25% to 0.20%
- Unitholders may withdraw contributions from 2025 at least ten years old
The Council of Ministers has approved the Royal Decree (RD) of Modification of the Regulation of Plans and Pension Funds in Matters of Liquidity and Reduction of Commissions, with which it is intended to increase competition in this segment and increase the attractiveness of these products of saving. On the one hand, the maximum management fees are revised downwards based on the investment policy of the fund and, in turn, the liquidity of this savings alternative is increased by allowing participants to withdraw from 2025, without limitation, contributions with an age of at least ten years. These measures will benefit more than eight million Spanish savers who are currently participants in pension plans.
The RD differentiates management fees according to three types of pension funds. A maximum of 0.85% is applied to fixed income funds, which represents a decrease of 65 basis points compared to the current limit; a cap of 1.30% for mixed funds, 20 basis points less; and 1.50% for equity funds (the same limit as now). With the new percentages, the average commission calculated according to the distribution of the assets among the different types of funds falls from 1.50% to 1.25%. In turn, the maximum deposit fee is reduced from 0.25% to 0.20%. This drop in maximum commissions is in addition to the one already made in 2014, which then meant a 30% drop. The reduction in management and deposit costs will have a positive effect on the net return that participants obtain from their savings, especially in fixed income pension funds, which have been affected by low interest rates.
The new standard regulates the liquidity of pension funds and plans. Thus, it will be possible to dispose, without limitations, of contributions with an age of at least ten years from January 1, 2025, which will be a stimulus for savers, especially for the youngest. In this way, all contributions made prior to 2015 can be made liquid from 2025 and those made later must allow the corresponding ten years to elapse.
Additionally, the regulation of pension fund investments is updated in order to update the references that the Regulations on pension plans and funds make to other national and community financial regulations in force. Thus, the necessary references to Law 22/2014, of November 12, which regulate venture capital entities, other closed-ended collective investment entities and the management companies of collective investment-type entities are incorporated. closed; Furthermore, the investments in the European Venture Capital Funds (FCRE) and the European Social Entrepreneurship Funds (FESE) are expressly included as suitable assets for pension funds.
The Royal Decree comes into force the day after its publication in the Official State Gazette, except for the application of the new limits of the management and deposit fees, which will do so two months after the date of its publication in the BOE.
