Royal Decree 738/2020 — issued on 4 Aug 2020 — completes Spain’s implementation of the European Union (EU) directive on the supervision of institutions for the occupational retirement provision (IORP II) that took effect on 8 Aug 2020, and gives pension plan managers six months to make the necessary adjustments.  

The decree sets out the information that pension plan managers must include in the annual statements they provide to plan members — such as an annual Declaration of Pension Benefits that forecasts pension benefits at retirement age.

The Insurance Supervisory Authority (Dirección General de Seguros y Fondos de Pensiones) will publish the standards and deadlines applicable to the preparation and publication of the annual statement. 

Related resources

Non-Mercer resource

• Royal Decree 38/2020 (Spanish) (Spanish official journal, 4 Aug 2020)