The uncertain future of the pension system in Spain requires urgent reforms and collaboration.

The pension system in Spain faces an uncertain future, marked by complex demographic projections that threaten its long-term viability. In a context where the aging population is becoming an increasingly palpable reality, the need for strategic reforms and effective collaboration between the public and private sectors is essential. This was the conclusion reached by multiple experts during the third edition of the Pension Meeting, organized by EXPANSIÓN in collaboration with Banco Santander. One of the highlights of the event was the warning from Borja Suárez, Secretary of State for Social Security and Pensions, who emphasized that the retirement of the baby boomer generation poses a crucial challenge. "The demographic crisis will be felt across Europe, but Spain will be affected with a ten-year delay," commented Suárez. This challenge is compounded by the need to integrate self-employed individuals into new contribution schemes, a process that requires careful attention and planning. Suárez's focus on structural discrimination against women in the workplace highlights a social issue that affects the social protection system. "If we wait for it to be corrected first in the workplace, it would take us decades," he stated. This is an aspect that demands immediate corrective measures to ensure that the pension system does not become a factor of inequality. For her part, Samanta Ricciardi, CEO of Santander Asset Management, highlighted that the fact that Spain is the second most long-lived country after Japan should be a source of pride, although it also represents increasing pressure on the pension system. Ricciardi advocated for collaboration between the Public Administration and the private sector to ensure a dignified retirement for all citizens, emphasizing that both sectors should work together towards this goal. Financial education was another central theme of the meeting, with Francisca Gómez-Jover highlighting the importance of citizens being informed about the different complementary social security systems. Transparency in this area is crucial for individuals to make informed decisions about their financial future. The reform of the Employment Law was also analyzed, with Elisa Ricón, General Director of Inverco, indicating that although it has allowed for the creation of a stronger regulatory framework, it still requires modifications. The need for outreach campaigns that use clear and accessible language was pointed out as essential for all citizens to understand the benefits of individual pension plans. The discussion about the three pillars of the social security system revealed the importance of enhancing complementary social security. José González, Director of Pensions and Collective Forecast at Santander Asset Management, insisted that this approach is fundamental to alleviate the burden of the first pillar, noting that the retirement of the baby boomer generation could create tensions in public accounts if proactive measures are not taken. Economist Juan Ángel Lafuente emphasized that the sustainability of the pension system depends on the capacity to generate wealth and how pension spending is managed. Political decisions, often influenced by short-term vision, can complicate this situation, necessitating a rethinking of priorities on the public agenda. In the business realm, testimonies like that of Juan Francisco Caro, Director of Opina 360, illustrated how pension plans can be effective tools for employee retention and strengthening the relationship between companies and workers. The implementation of employment plans not only benefits employees but also contributes to the long-term sustainability of the system. Finally, collaboration between sectors is presented as an urgent necessity, as highlighted by Alberto Delgado, Territorial Director of Madrid at Banco Santander. Promoting accessible pension plans tailored to the needs of SMEs and self-employed individuals can strengthen the system and ensure its sustainability. In this sense, a proactive and collaborative approach is more urgent than ever, and a joint effort is required to develop solutions that align with the realities of the current labor market and the expectations of citizens.