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Pension Plans

General Information

Dictionary

See terms with the initial letter:

Letter A

Open (fund):

A type of pension fund characterised by being able to channel other pension funds' investments. It may require the constitution of minimum initial assets due to the guarantees demanded for its correct financial evolution.

Contributions:

These are the economic contributions made by the promoter and/or the participants in the cases and ways established by the respective pension plan in accordance with the current regulations,

Corporate contributions:

These are economic contributions made by the promoter of an employment system pension plan.

Defined contribution:

A type of pension plan based on stipulated obligations in which the defined object is the amount of the developers' contributions and, if applicable, the participants' contributions.

The contribution can be established in absolute terms or depending on other variables such as wages, business flows, Social Security contributions or others. In this type, the provisions are quantified at the moment of occurrence of the contingency, as a consequence of the capitalisation process developed by the plan.

Partner (system):

A type of pension plan based on constituent subjects, its developer being any professional association or trade union, and the participants their partners, members or affiliates.

Assignation of consolidated rights:

The participants' contributions to pension plans determine for them the ownership of the resources associated with these plans, establishing certain economic rights that define the benefits.