Ibercaja launches Pensumo, a pioneering application to make it easier for Spaniards to save for retirement without requiring additional effort. This is a tool that has been developed within the framework of the first sandbox Financial promoted by the Treasury and the General Directorate of Insurance and Pension Funds of the Ministry of Economy, Commerce and Business and in which the Entity has been working for more than two years.
The Bank presented this launch to the media this morning in Madrid, which included the interventions of Victor RoyoDirector of Payments and Consumer Business at Ibercaja; David HerrandoGeneral Director of Pensumo; and José Carlos VizarragaGeneral Director of Ibercaja Pensión.
Thanks to this new initiative, the first solution of its kind at European level, Spaniards will be able to receive contributions to an individual pension plan every time they make a purchase in an establishment affiliated with it.
Thus, Pensumo is the “newly created fourth pillar of our pension system, with Ibercaja as the first entity to offer it and, furthermore, open to all people who wish to join, whether or not they are clients of the Bank.” This was conveyed by Víctor Royo who also stated: “we are very proud to be pioneers in Europe and massively distribute the Consumption Pension to the entire Spanish society.” “The collaboration between the financial sector, the Fintech sector and the Public Administration has been key to addressing a challenge of great social importance, such as building family savings for the future through an innovative formula adapted to habits. of consumers, such as Pensumo, pension for consumption,” Royo stressed.
The project aims to link retirement savings with consumption, redirecting the economic flows generated by daily lifestyle towards future pensions. “At a time when generating retirement savings is being very expensive for a good part of society, the modifications that we have achieved in the Pension Regulations allow this product to be popularized,” said José Carlos Vizárraga.
Progressively, new functionalities will be incorporated into the application, such as the possibility of reinforcing it with voluntary savings. To this end, a digital service has been created based on the “open banking” philosophy, with the possibility of being available in a new mobile application and, in the future, in other systems, such as on electronic commerce platforms or in the company itself. app from Ibercaja.
A simple, automatic and effortless way to save
The app is available today for Ibercaja customers and Pensumo will be available to any individual resident in Spain in mid-October. The subscription is 100% digital, without paperwork or the need to go to any office, seeking maximum agility and ease for its users. Furthermore, it will not be a requirement to have an Ibercaja account, be a client of the Entity or have a pension plan; it will be in the registration process where all these requirements are managed with maximum simplicity.
The contributions that consumers will receive will come from the businesses attached to the initiative where purchases are made. The percentage paid will depend on the agreement reached with each establishment.
“For participating businesses, this tool also brings advantages since it can help them attract and retain customers, in addition to being able to increase their sales volume and improve their brand image,” said David Herrando.
Support of relevant establishments and online shopping platforms
Amazon is one of the participants that will allow users of the app to supplement their retirement savings.
It also has the support of the fintech Coinscrap Finance, with its purchasing platform on-line which covers such prestigious brands as Decathlon, Ikea, Lidl, Fnac, MediaMarkt, Lego, Adidas or Sephora.
Along the same lines, Pensumo has reached an agreement with Hospitality of Spain, to add the member brands of the association to the tool. The scope of this agreement covers the entire Spanish geographical area, allowing the incorporation of bars, restaurants, accommodations and hotels, which will be able to build customer loyalty through this platform.
Pensumo aims to become an ally of platforms that support local and proximity commerce, such as the example of the “Volveremos” platform, created by the Zaragoza City Council.
The initiative has a total of more than 100 participating establishments that cover the main needs of customers, such as food, fashion, restaurants, electronics and sports, among others. Additionally, it is in the negotiation phase with various national and multinational companies for its incorporation.
Ibercaja has a long history in future savings and pension plans, being one of the main entities in the sector. Ibercaja Pensión, Ibercaja’s pension plan manager, manages a volume of assets of 8,000 million euros, with a market share of 6.16%, occupying fourth position in the national ranking.
Below we share the Pensumo pages for individuals and businesses, respectively:
https://www.ibercaja.es/particulares/ahorro-inversion/pensumo/
https://www.ibercaja.es/empresas/soluciones/comercios/pensumo-comercios/