The pension system in Spain faces critical challenges and seeks collaborative solutions.

The pension system in Spain is facing a critical moment, where demographic projections and social needs converge into a challenge of considerable dimensions. In the third edition of the Pension Meeting, organized by EXPANSIÓN in collaboration with Banco Santander, concerns surrounding the sustainability of the system were addressed, highlighting the importance of effective collaboration between the public and private sectors, as well as the need to promote financial education. Statements by Borja Suárez, Secretary of State for Social Security and Pensions, emphasized that the retirement of the baby boomer generation will mark a turning point. According to Suárez, Spain will face this challenge with a ten-year delay compared to other European countries, providing an opportunity to observe and learn from their experiences. However, demographic crisis is not the only challenge; structural discrimination against women in the labor market and in the social protection system is also a critical aspect that must be urgently addressed. Suárez stressed the importance of political and social dialogue, noting that the representation of employers and workers is essential for the proper functioning of the pension system. The financial sustainability of the system will depend on incentives to extend working careers and avoid premature exits from the labor market. To achieve this, a commitment from all stakeholders will be required to ensure that employment levels are sufficient and of high quality. Samanta Ricciardi, CEO of Santander Asset Management, expressed her concern about the aging population and its impact on the pension system, highlighting that collaboration between the Public Administration and the private sector is essential to ensure a dignified retirement for all citizens. This vision of cooperation is reflected in the need to integrate self-employed workers into contribution schemes that allow them to access an adequate pension. Advancing towards solid financial education was also mentioned as a key pillar for the sustainability of the system. Francisca Gómez-Jover from the Ministry of Economy highlighted the importance of transparency in complementary social security systems, so that citizens can make informed decisions about their financial future. The implementation of a financial education plan, signed by the ministry, aims to empower the population and promote a culture of saving from an early age. Economist Juan Ángel Lafuente provided an essential perspective by stating that the sustainability of the pension system depends on the wealth generated and how pension spending is managed. In this sense, he emphasized that political decisions must overcome short-term bias, as the benefits of good management will be reflected in the long term. Financial education also serves as a shield against populist narratives that can misinform the public. Juan Francisco Caro, director of Opina 360, shared his experience in implementing a pension plan for employees in his SME, highlighting its value as a loyalty tool and as an incentive to strengthen the relationship between the company and its workers. This approach aligns with the need for companies to adopt policies that encourage their employees to participate in pension plans, which will not only benefit the workers but also relieve pressure on the public system. Collaboration between business organizations and unions is highlighted as an essential element for creating pension plans that respond to the needs of the sector. Pedro Fernández Alén, president of the National Construction Confederation, underscored the importance of reaching agreements for the development of sectoral plans that provide additional security for workers. For his part, Alberto Delgado, territorial director of Madrid at Banco Santander, emphasized the relevance of involving SMEs and self-employed workers in pension systems, as they are a vital component of the economy. Creating accessible plans tailored to their needs will not only benefit their workers but also strengthen the system as a whole. In conclusion, the future of the pension system in Spain requires proactive and collaborative intervention. The necessary reforms must include financial education, social dialogue, and an inclusive approach that addresses the needs of all generations. The solution to current challenges lies in the ability of different sectors to work together, ensuring that all citizens can enjoy a dignified and sustainable retirement over time.