Eleve la rentabilidad de su plan de pensiones vía comisiones

Por Unai Ansejo, Co-CEO y cofundador de Indexa Capital

Recientemente Inverco ha publicado el informe titulado las instituciones de inversión colectiva y los fondos de pensiones en el que aparece el cuadro de rentabilidades medias anuales de los planes pensiones (ver gráfico). Se pueden encontrar tres tipos de planes de pensiones. Por un lado, los planes de empleo, que son planes que tienen como promotor a una empresa que realiza aportaciones a sus empleados. Normalmente están gestionados por entidades financieras. Por otra parte, encontramos los planes asociados, que son planes que tienen como promotor a una asociación (política, sindical o de otra índole). Normalmente también están gestionados por entidades financieras. Y, por último, los planes individuales, que son los planes de pensiones que habitualmente contratamos a través de una entidad financiera y que tienen como promotor a la propia entidad financiera.

pensiones indexa

Adicionalmente, Inverco realiza un desglose de la rentabilidad obtenida por los planes individuales en función de su política de inversión, ya que no es lo mismo invertir en un plan de bonos (renta fija) que en un plan de acciones (renta variable). En los planes de empleo y asociados no se realiza este desglose pero generalmente son planes de renta fija mixta, esto es, mayoritariamente invierten en bonos pero tienen cierta inversión en renta variable.

Algo que llama poderosamente la atención es que, de forma sistemática, los planes de empleo y asociados tienen rentabilidades superiores al sistema individual. Por ejemplo, si analizamos los datos de los planes con 25 años de historia (son pocos), vemos que mientras que el sistema de empleo ha rentado un 5,19% anual, el sistema individual ha rentado un 4,01%.

Además, los fondos de renta fija mixta, que son los más comparables con los planes de empleo, han rentado un 3,78%. Es decir, un 1,41 puntos porcentuales menos cada año.

Puede parecer poco, pero a lo largo de 25 años 1,41 enteros menos es una barbaridad (teniendo en cuenta que los gestores siguen siendo los mismos).

Si hubiéramos invertido 10.000 euros hace 25 años en planes de empleo ahora tendríamos 35.429 euros, mientras que si lo hubiéramos invertido en planes individuales de renta fija mixta ahora tendríamos 25.284 euros. De forma sencilla, se observa que son cerca de 10.000 euros más en planes de empleo que en planes individuales.

El impacto de las comisiones

¿Cómo es posible que la diferencia sea tan grande si los gestores son en general los mismos? La razón es que los planes de empleo cuentan con comisiones de control que realizan una labor de vigilancia sobre los gestores de los planes, especialmente sobre los costes de inversión. De esta forma los planes de empleo suelen tener comisiones mucho menores que los planes individuales y en el largo plazo la diferencia en rentabilidad es enorme.

A la hora de invertir en un plan de pensiones individual, por favor fíjese bien en las comisiones que está cargando su plan, porque cuantas menos comisiones tenga, más rentabilidad podrá obtener.

El problema que se podrá encontrar es que todas las entidades cobran comisiones elevadas (la mayoría cobran el máximo legal). Hasta hace no mucho tiempo esto era así: no había opciones baratas para invertir en planes de pensiones individuales.

Sin embargo, desde hace unos años, con la irrupción de los ETFs y fondos indexados, empresas independientes hacen propuestas radicalmente diferentes basadas en la evidencia de que menos costes significa más rentabilidad para los inversores.

Así que ahora ya hay alternativa: puede invertir en su plan individual con comisiones tan bajas como en un plan de empleo.

Lo único que tiene que hacer es informarse y revisar las comisiones de gestión (el máximo legal es de 1,50% y está previsto que baje dentro de unos meses a 1,25%) y depositaría del fondo (el máximo legal es de 0,25% y está previsto que baje a 0,20%). Cuanto menores sean todas ellas, mayor será el patrimonio que podrá obtener para su jubilación.

Esta entrada fue publicada en Análisis fundamental, Finanzas, Macro, Productos, Renta fija, Renta variable. Guarda el enlace permanente.

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