Major occupational pension reforms in Spain would
facilitate access to employment-linked pension provision for low
and middle-income workers, to be implemented through collective
bargaining.
On 23 November 2021, the Spanish Council of Ministers approved a
preliminary draft law regulating occupational pension plans.
The aim of the new legislation is to facilitate access to
collective plans for low and middle-income workers and small and
medium-sized enterprises, as well as for the self-employed and
young people. In addition, through the public promotion of pension
funds, collective bargaining and the promotion of plans by
associations of the self-employed and professional associations,
long-term savings products will be offered at a lower cost than at
present. The reform will be accompanied by a modification of tax
incentives, so that the tax benefit is passed on to
participants.
