The ‘consumption pensions’

Do Pensumo is Pensuming

A single, premeditated and simultaneous act of consumption and savings for the pension.

Spain has been the first country that has adapted its individual pension legislation, linking these to payments for daily consumer purchases. They are the so-called “consumption pensions”, that is, discounts and financial promotions that are offered to the consumer every time they make a purchase in associated establishments, automatically and without additional charges, as if they were contributions to an individual pension plan. conventional. Deductible personal income tax contributions of the user up to a limit of 1,500 euros. Although this regulatory improvement approved in the last Council of Ministers of this legislature occupies only a couple of paragraphs among the regulatory tangle in the Reform of the Regulation of Employment Pension Plans in which it appears, those few lines dedicated to the pension by consumption have the potential of an enormous economic impact in the future, who knows if similar to that of the emerging simplified employment pension plans now also regulated. Consumption is much more inclusive than work because everyone consumes from the first to the last day of their life.

But not everyone works, nor does one work all their lives, nor will all salaries allow voluntary contributions, nor will all companies make them in favor of their employees. Consumption pensions have the capacity to become much more popular than any other pension scheme complementary to Social Security. That pair of paragraphs is the result of ten years of continuous work on the Pensumo project, a social enterprise that received its first major endorsement from the European Commission’s Horizon 2020 innovation program and was submitted to the first financial Sandbox of the Ministry of Foreign Affairs. Economic in 2021, from the hand of Ibercaja Banco. In this testing environment, Pensumo achieved a positive and favorable report from the government regulator (the General Directorate of Insurance and Pension Funds), which, in turn, opened the way for the creation, last June, of an investee entity by Ibercaja and the original fintech from which the joint venture has taken its name.

The current Pensumo has the ambition of bringing this innovative behavioral savings model for retirement to the market and making it available to any consumer who has a simple payment card of current course, whoever is issued. In a world that is already so digital and parameterizable, establishing commercial loyalty rewards that become pensions, and doing so for “a lifetime”, means introducing new elements of economic security for the citizen, but before that it also introduces a new and important factor in consumer purchasing decisions that can be as decisive as the price, the brand or the type of establishment where the purchase is made: the future economic health of the client. Now that we have the appropriate regulatory environment for the generalization of the pensions for consumption, to those of us who come from the world of commercial distribution and not from the financial world, some reflections arise. In general, although the Spanish population is highly digitized, and uses the banking channel more than in any other country, digital finance, however, (except notable cases such as Bizum) causes distrust and pension plans are misunderstood, in the case that many people have some interest in them. On the contrary, for people, talking about savings on purchases, discounts, rebates or cashback is normal.

Daily purchases, refueling, use of all kinds of market services and encouraged positive lifestyles and habits (responsible consumption, reuse, recycling, health, sport). In practice, Pensumo proposes a daily economy of proximity, behavioral, positive, persuasive and healthy, in which the “little pushes” of which the Nobel Prize winner Richard Thaler and the entire current of behavioral finance that he represents will have become authentic “hugs” for the present and future financial health of all people, regardless of whether they are workers or not, their age or any other of the circumstances that are currently required of participants in existing professional pension schemes.

José Luis Orós, Founder of Pensumo

PensumoThe ‘consumption pensions’