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What it is

How Spain's Social Security Reserve Fund is created and managed

BOE step 7 of 7 · Passed

It is a government bill. Introduced by the Government. It was introduced on 14 March 2003. Introduced by: Gobierno.

Official title: Government bill regulating the Social Security Reserve Fund.

Follow this law

Source: Congreso de los Diputados, file 121/000134· updated 11 Nov

Automatic summary, not yet reviewed

  1. Surplus revenue that funds contributory Social Security benefits goes on a priority basis to the Reserve Fund. The law explains how that budget surplus is calculated each year.
  2. The Council of Ministers decides, at least once a year, how much is contributed to the fund and how it is invested. The fund's money can only be used to pay contributory pensions, and only if the system has a deficit, capped at 3% per year and requiring prior approval from the Council of Ministers.
  3. The fund is invested in securities issued by public legal entities. Three bodies are created: a Management Committee that directs and oversees the fund, an Investment Advisory Commission that advises it, and a Monitoring Commission with union and business representatives that reviews the fund's performance every six months.
  4. Buying and selling the fund's assets is an off-budget operation, recorded in the budget of the General Treasury of Social Security on the last business day of the year. The Government also submits an annual report on the fund to the Cortes Generales (Spanish Parliament).

Who it affects

  • Social Security: Its contributory surpluses feed the fund, which it can only use in deficit situations to pay contributory pensions.
  • The Government and the Council of Ministers: They decide each year how much goes into the fund and authorize the use of its assets.
  • The Cortes Generales (Spanish Parliament): They receive an annual report on the fund's performance and composition.
  • Unions and business organizations: They have representatives on the Monitoring Commission that oversees the fund.

Words worth knowing

Prestaciones contributivas
Benefits and pensions received by people who have previously paid Social Security contributions.
Excedente presupuestario
The money left over when Social Security revenue exceeds its spending in a year.
Mutuas de accidentes de trabajo
Entities that work with Social Security to manage benefits for workplace accidents and occupational illnesses.
Extrapresupuestario
Off-budget: not recorded in the ordinary yearly budget, but recorded at the end of the fiscal year.
Consejo de Ministros
The body made up of the Prime Minister and the ministers, which makes the Government's main decisions.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries

Where it stands

How far did it get?

It took 7 of 7 steps. It reached BOE, and today it is passed.

  1. Introduced14 March 2003Someone registers the text in the Congreso.
  2. Admitted17 March 2003The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendments21 March 2003Groups propose changes.
  4. Committee2 May 2003A committee goes through the text in detail.
  5. Plenaryno dateAll 350 deputies vote.
  6. Senate11 June 2003The Senate can pass it, amend it or veto it.
  7. BOE17 September 2003It is published in the Official State Gazette (BOE) and comes into force.
See the 8 official steps on a timeline
Mar 2003Apr 2003May 2003Jun 2003Jul 2003Aug 200311. 14 March 2003: Presentación22. 17 March 2003: Comisión de Política Social y Empleo Publicación desde 17/03/2003 hasta 21/03/200333. 17 March 2003: Calificación44. 21 March 2003: Comisión de Política Social y Empleo Enmiendas desde 21/03/2003 hasta 02/05/200355. 2 May 2003: Comisión de Política Social y Empleo Informe desde 02/05/2003 hasta 10/06/200366. 10 June 2003: Comisión de Política Social y Empleo Aprobación con competencia legislativa plena desde 10/06/2003 hasta 11/06/200377. 11 June 2003: Senado desde 11/06/2003 hasta 17/09/200388. 17 September 2003: Concluido - (Aprobado con modificaciones) desde 17/09/2003 hasta 23/10/2003

Was there a plenary vote?

We have no plenary vote linked to this law in the Congreso’s data.

What happens next

What happens now?

It is law, or will be once published in the BOE. It comes into force on the date its own text sets.

It was presented again:

The same initiative in the other chamber:

Published in the BOE: Law 28/2003, of 29 September, regulating the Social Security Reserve Fund.

Sources

Where does all this come from?

  • The data comes from the open files of the Congreso, the Senate and the BOE, unaltered.
  • Each deputy’s province is the one of their seat on the day of the vote.
  • We only say “passed” or “rejected” when the majority needed is certain; otherwise we say which side had more votes.

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