The imbalance in Spain’s public pension system is placing pressure on public spending for other priorities, Ibercaja Banco CEO Víctor Iglesias said at a pensions conference in Madrid on Wednesday. He called for reforms to strengthen the system’s financial balance, while noting that public pensions remain central to retirement provision.
The XII Pensions Plans Conference, organised by CincoDías and Ibercaja, focused on artificial intelligence and its potential effects on pensions and long-term savings. The event brought together representatives from insurance, asset management, government and technology to discuss the technology’s implications for employment and retirement provision.
Iglesias said the public pay-as-you-go system’s deficit requires budget funding, which can constrain investment in areas including education, housing and healthcare. He also called for more dialogue and reflection, particularly in a polarised environment.
Juan Francisco Jimeno, president of Spain’s Productivity Council, said AI-driven productivity gains could increase pension-system revenues by raising wages, but could also increase future obligations. In his view, higher productivity might give policymakers time to adapt the system in the short term, but would not resolve its underlying problems. He also cautioned against assuming that AI would pay for pensions.
The conference programme included discussions on the effects of technology on social provision and on practical applications of AI in the pensions sector, as well as an interview on technology, longevity and demographics.
Sources: El País Economía.