Hi,
Spain
http://www.shrmglobal.org/publications/baker/1299glob/Jan%2000%20docs/spain.htm
Royal Decree 1588/1999
The new regulations enacted through Royal Decree 1588/1999 clarify the
legal rules in view of European developments since 1987. The new rules
implement European Council Directive 9849, since there was previously
no Spanish legislation to cover the areas under the Directive (which
provides for protection of the right to a pension for those employees
who have worked in different countries within the European Community).
The new regulations also address certain key issues not addressed in
the Private Insurance Act.
The framework of the new regulations is to prohibit companies from
using pension arrangement funds for other purposes. The main objective
of the regulations is to protect the employees’ pension arrangements
from employer insolvency. Therefore, the implementation of obligations
concerning pension arrangements agreed upon between the parties is
only possible through three legal tools: a pension plan, collective
insurance, or a "social plan" (insurance with a special private
entity).
One of the key elements in the new regulations is the establishment of
rules for switching existing arrangements from the old regime to the
new one. Effective January 1, 2000, all companies must implement all
pension arrangements agreed upon with employees in one of the three
authorized mechanisms. Subject to permission by the competent
regulatory authority, there is an exception on the prohibition against
using internal funds for some financial companies. These companies are
entitled to cover the obligations agreed with their employees with
their own funds, so long as the company is specialized in this kind of
activity and is controlled enough to guarantee its solvency. This
exceptional regime is not applicable to financial companies that have
carried out their obligations in pension plans after May 10, 1996.
Actuarial Methods and Assumptions used in the Valuation of Retirement
Benefits in the EU and other European countries [PDF file]
http://www.lucidmatrix.com/uploads/actuarial_methods.pdf
Book reserving was also commonly employed in Italy, Spain and Portugal
although its use is declining and is at a relatively low level in
comparison with Germany. Book reserving in Spain has been outlawed and
all companies have to externally fund their liabilities by 2002.
Pension Provision (Spain)
http://www.reformmonitor.org/httpd-cache/doc_stq_pp-162.html
The income-related pension is financed by contributions (insured
person: 4.7% of covered earnings based on wage classes that vary
according to 11occupational classes; employer: 23,6% of earnings
according to 11 occupational classes), but the state grants annual
subsidies. Maximum earnings for contribution and benefit purposes is
345.180 to 399.780 pesetas (€ 2,074.57 to 2,402.73) a month depending
on occupational classes. The standard entitlement age is 65 for both
males and females. The eligibility requirement for benefits is 15
years of contribution. The amount depends on the number of years of
contribution (between 15 and 35) and the amount of the contributions.
Empire Spain Pension Schemes
http://www.eurofound.eu.int/emire/SPAIN/PENSIONSCHEMES-ES.html
Schemes whose purpose is to arrange for the future provision of
annuities or lump-sum payments for retirement, invalidity, survivors,
widows and orphans. Pension schemes are set up voluntarily, are deemed
by Spanish law to be of a private nature and may be on an individual
or collective basis. They may be set up and administered by
corporations, companies, enterprises, associations, trade unions and
bodies or groups of any kind and may take various forms. If they are
set up by enterprises for their employees, they form part of the
sistema de empleo (employment system) and the workers covered by them
participate fully in their management. Pension schemes have long
existed in Spain, have recently been regulated by law and have been
accorded significant tax relief. They are likely to be an important
ingredient of collective bargaining over the next few years.
Main Players :
StockHouse Canada
http://www.stockhouse.ca/news/news.asp?tick=BBT&newsid=1355184
Standard Life, founded in Edinburgh (Scotland) in 1825, is part of the
Standard Life Group. The Group has over 12,000 employees, $189 billion
in assets under management and over 5 million customers in, among
others, the United Kingdom, Canada, Ireland, Germany, Austria, Spain,
India and Hong Kong. The Group has also established two representative
offices in China. Total premium income and deposits reached close to
$19 billion in 2001. (www.standardlife.com)
Watson Wyatt - Multinational
http://www.watsonwyatt.com
PricewaterhouseCoopers
http://www.pwcglobal.com
Winterthur Life & Pensions
http://www.winterthur-life.com
IGP Network
ihttp://gpinfo.jhancock.com/igpinfo/ network/associate/spain.html
List of other companies
http://www.exporter.co.tt/directory/insurance_companies.htm
Other links of interest :
[PDF] Country profile Spain Winterthur Life & Pensions
http://www.winterthur-life.com/pdf-spain.pdf
Watson Wyatt Multinational
http://www.watsonwyatt.com/multinational/editions/2002/2002_may_r.asp?ID=9948
http://www.watsonwyatt.com/multinational/editions/2002/2002_june_r.asp?ID=10078
Michele Boldrin Recent Publications
http://www.econ.umn.edu/~mboldrin/Research/Current_Research/pub_pol.html
there are two PDF files on this page which will interest you
Social Security and Retirement in Spain, and
Micro Modelling of Retirement Behavior in Spain
Social Security and Retirement in Spain
http://netec.mcc.ac.uk/WoPEc/data/Papers/nbrnberwo6136.html
Actuarial Methods and Assumptions used in the Valuation of Retirement
Benefits in the EU and other European countries [PDF file]
http://www.lucidmatrix.com/uploads/actuarial_methods.pdf
Search Queries
"Pension Plans" +Spain
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Thanks,
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