Pension plans register more than 14,000 extraordinary rescue files due to Covid-19 after launching the Government a temporary relief measure to alleviate the pandemic.
Jun 03, 2020
On March 31, the Government announced among a battery of extraordinary economic measures to alleviate the coronavirus crisis that the participants in a pension plan that, due to Covid-19, are in a situation of unemployment due to an ERTE or cessation of business, They could access their savings. This specific measure was approved in the BOE on April 22, which opened the door to the first partial bailouts. However, the sector has foreseen that this measure will have an impact “Very limited” and that the amounts withdrawn are “very small”.
In April, the first month where the effects of the measure could be verified, although only for just over a week, the individual plans ended with no exits. In fact, they had net contributions close to 80 million euros. Meanwhile, the May figures have not yet been published, in what will be the first full month of the measure.
According to Ana de la Cueva, Secretary of State for Economy and Business Support, who has closed the Inverco ordinary general assembly, “the effort made by the sector and coordination has allowed 14,000 cases to be closed,” referring to the extraordinary assumption of liquidity in pension plans due to Covid-19.
De la Cueva highlighted in his appearance that, in a broad sense (funds, pensions and sicav), “the collective investment sector has the capacity to contribute to economic recovery”, although he has advanced that “in the long term, it is necessary to put an investment and reform plan is underway. ” The Secretary of State for the Economy recalls that the transposition of the directive on employment plans remains to be completed, while Several European standards are being reviewed at Community level, including MiFID II, UCITS (for harmonized funds) and AIFMD (for alternative funds).
NEW VICE PRESIDENTS OF INVERCO
At the Inverco general assembly, the employers of the managers have appointed their new vice-presidents, who are also presidents of the two existing groups. Juan Bernal, on behalf of CaixaBank Asset Management, will preside over the IIC Group, while José Carlos Vizárraga, on behalf of Ibercaja Pensiones, will be the president of the Grouping of Pension Funds.
In turn, Inverco has welcomed its new members, including Spanish managers such as AFI, Allianz Seguros, Anattea Gestión, Beka AM, Metagestión and Olea Gestión, and international managers such as Tikehau AM and Vontobel AM.