Pension funds: difference from pension plans

We'll explain about pension funds to you
A pension fund is a set of assets created to comply with pension plans. In other words: it's like the sack where the plan's contributions are put; it's what the plan feeds off. They don't have legal personality, and they are controlled by a manager and a management committee.
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This is, in fact, the main difference between a pension fund and a pension plan. In any case, both terms are complementary: you can say that the latter feeds off the former; one cannot exist without the other. This comes with a condition: each fund is not exclusive of a single plan; actually, they can be made up of several plans.
There are many types of pension funds, which meet different criteria. For example, depending on the type of pension plan, they can be employee funds - if they are made up of employee system pension plans - or personal funds, - if they are made up of individual pension plans -. Depending on the investment processes, they will be open or closed. Based on the liability for payment, they will be internal or external. To fulfill complementary guarantees, they can be insured or uninsured. Based on their distribution, they can be allocated or capitalization funds...; among others, these are a few basic criteria.
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If you would like more information or if you are interested in a pension fund, please ask us for advice. At BBVA, we will answer your questions and we will help you to choose the the most suitable option for you.
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