Half of the Executive of the PSOE has private pension plans, with Pedro Sánchez among those who contribute the most

Half of the members of the Federal Executive of the PSOE have savings invested in private pension plans. The leader, Pedro Sanchez, is among those who have contributed the most money to complement his public benefit once he retires, as reflected in the statements of assets published by the party and which Europa Press has consulted.

According to these documents, Pedro Sánchez, who holds a PhD in Economics, has contracted a pension plan with BBVA, with a contribution of 85,366.34 euros, money that the bank will invest following previously established profitability and risk criteria. Thus, when Sánchez rescues his pension plan, he will recover the money contributed plus the income that this capital may have generated.

Only the former mayor of San Sebastián and deputy Odón Elorza, with a contribution of 139,981 euros, and the secretary of Studies and Programs, José Félix Tezanos, with 89,153.61 euros, surpass Sánchez in the amount deposited in this banking product.

Since last January, Pedro Sánchez and his Executive have started a tour of all the Spanish provinces to explain to the party’s activists and the general public their proposals on pensions.


In these open assemblies, Sánchez repeatedly accused the government of deliberately seeking the deterioration of the public pension system with a single objective, that of encouraging private plans. Sánchez maintains that the public system is viable and could guarantee decent pensions for all. It only takes, in his opinion, political will and a plan to increase the income of Social Security, which the PSOE claims to have.

The socialists consider it essential to raise wages to increase income from Social Security contributions, stop paying for this concept that has nothing to do with pensions, and create two new taxes on banking and financial transactions that contribute to financing pensions.

Of the fifty or so positions that make up the Federal Executive of the PSOE, almost half have hired a private pension plan. It is not the case of the Secretary of Social Security and Pact of Toledo, Magdalena Valerio, reluctant to hire one.


A spokeswoman for the Federal Executive has assured Europa Press that the majority of the members of the management that has a private pension plan has been “forced” to hire him when they have signed a mortgage loan with the bank. It is common for banks to improve mortgage conditions if a pension plan is contracted at the same time.

Others, according to the same source, have a pension plan for having been deputies or senators, since until January 2012 the Cortes made contributions on behalf of parliamentarians to a pension plan. With the arrival of the crisis and the cuts, the Cortes suspended the contributions to the social security plan of the parliamentarians.

Sanchez could benefit from this plan of the social provision of the Congress only for two years and for a total contribution of about 6,700 euros, at a rate of 280 euros per month, which was what the Chambers contributed by a deputy.

There are other cases in the Federal Executive with a pension plan for “company policy”, but the spokesperson has not been able to discuss each case by the data protection law.

In any case, they maintain in Ferraz, that some members of the current management have private pension plans does not mean that they do not trust in the viability of the public pension system. Moreover, among the socialist leaders, there are those who affirm categorically that there is no alternative to the public system.

The secretaries of Equality, Carmen Calvo, and the EU, Iratxe García, who is also MEP, are among those who have private pension plans, with contributions of 78,000 euros each.

The rest of the members of the Sanchez team that have contracted this financial savings product are the president of the party, Cristina Narbona; the Secretary of Organization, José Luis Ábalos; the spokesman for the Executive and Mayor of Valladolid, Oscar Puente, and the secretary of Employment, Toni Ferrer, exlíder union, with contributions ranging between 17,000 and 44,000 euros.

Similar or smaller contributions to private pension plans have also been made by the Secretaries of Federal Policy, Patxi López; Gender Violence, Susana Ros; Fishing, María Luisa Faneca; Migratory Policies, Pilar Cancela; Refugees, Luc André Diouf; Social Services, Begoña García Retegui; Education, María Luz Martínez Seijo; International Relations, Héctor Gómez; Industry, Carles Ruiz; Justice, Andrés Perelló and Laicidad, José Manuel Rodríguez Uribes.