Contributions to pension plans have decreased by 94% in the first semester from 2021, when registering deposits amounting to 81 million euros, which contrasts with the 846 millions of the same period of the previous year, a decrease that could be caused, among other factors, by the reduction of the maximum contribution of the pension plans with the right to deduction in the Personal Income Tax.

At the end of October, the Government incorporated into the General State Budget project of 2021 a cut of 8. 000 to 2. 000 euros in the maximum contribution of individual pension plans with the right to deduction in personal income tax. This change came into effect on January 1.

The Vdos data collected by Europa Press show that in the first half of this year the pension plans registered increases in equity compared to the same period of the previous year of 4, 89%, with which the total It stands at 81.212 million euros.

However, of the increase of 3. 786 million to which that 4 is equivalent, 89%, only 79 million correspond to deposits, while the remaining 3. 707 million are due to a positive performance of the portfolios.

With respect to 2020, the difference is notable: in the first semester there were deposits of 846 million euros and a yield negative of the portfolios of 3. 874 million.

Regarding the contributions to investment funds, there have been net deposits for an amount of 17. 378 million in the first half of 2021, versus repayments of 1. 738 million of the previous year, a change that is mainly due to the effects of the pandemic.

The taxation of investment funds has not changed for this year, so there could be a preference of savers for these vehicles compared to pension plans.

“It is very difficult to say that the excess of contributions to pension plans over the limit is being invested in mutual funds. In the last year, Spanish savers are investing a large amount of money in funds and portfolios, and perhaps part of that investment is aimed at retirement, but we cannot say so “, the Business Director of BBVA Asset Management, Luis Vadillo.

We will have to wait until the end of the year to find out if this change occurs in the Spanish saver, since that is when the largest volume of contributions to savings plans occurs. pensions and when it will best be appreciated, according to Vadillo.

CaixaBank sources, for their part, have commented to Europa Press that they have detected an increase in subscriptions and contributions both in pensions (managed by VidaCaixa) and investment funds (managed by CaixaBank AM) in the last semester.

In CaixaBank AM, net subscriptions in the first semester of 2021 stood at 2. 765 million euros (adding figures from CaixaBank AM and Bankia Fondos), and in VidaCaixa, contributions to individual pension plans stood in the first half of 2021 in the 594, 2 million euros, 1.2% more than in the same period of the previous year (not including Bankia figures until the complete technological integration of the pension plan managers).

Asset managers generally have a negative opinion regarding the reduction of the contribution limit in individual plans and seven out of ten considered at the beginning of December 2020 that this change should be carried out progressively and be linked to the accumulation of a reasonable amount in the occupational pension fund.

Little tax incentive This was the conclusion of a survey on individual pension plans carried out by Inverco, which reveals that the managers do not believe that saving in pension plans is sufficiently incentivized compared to other s neighboring countries and calls for better taxation in the service, as well as a default assignment system in companies.

An Inverco report on the year 2020 and its forecasts for 2021 highlight that “the contributions will be greatly influenced by the new maximum contribution limit imposed on the Individual System pension plans.”

In fact, the employer estimates that in 2021 the contributions will be reduced by more than one 17% due to the decrease in the maximum limit, while the gross benefits will foreseeably remain unchanged.

The volume of assets of the funds of pensions, meanwhile, could remain practically unchanged, with a “slight” increase of 0.4% due to the effect of profitability, which would close the year with equity of 119.000 millions of euros.

Savings in mutual funds n, at maximum Household savings channeled through investment funds reached a new maximum at the end of 2020 when it reached the 14, 8% of the total, which represents a new historical maximum, according to Inverco data published in June. This result is 0.8% higher than the one registered the previous year.

According to the latest data from Inverco, the equity of the pension funds at the end of June was 86. 241 million euros, a 12, 7% more in year-on-year terms.

Source:

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