About GEROA

GEROA is a system in which workers build up their own supplementary pensions through small joint contributions with their companies during their working lives. This way, and thanks to the long-term returns, the rewards are significant:
A supplementary pension that reduces the loss of purchasing power among pensioners in Gipuzkoa.
This type of entity, whose aim is to supplement pensions, is common in many European countries. At GEROA we are pioneers and setting the standard nationwide.

This type of entity, whose aim is to supplement pensions, is common in many European countries. At GEROA we are pioneers and setting the standard nationwide.

SPECIAL FEATURES OF GEROA

EMPLOYMENT ORGANISATION

We are a supplementary pension entity whose members are the workers from the participating companies.

PARITY

- The contributions are paid in equal parts by companies and workers.
- 50% of the Governing Bodies are composed of the ADEGI Employers' Association and the other 50% are made up of the trade unions ELA, LAB, CCOO and UGT.

CONTRIBUTIONS

GOVERNING BODIES

NOT FOR DISTRIBUTION

Unlike the Social Security, contributions to GEROA are accumulated for your own pension, not to cover the benefits of current pensioners.

INDEPENDENCE

We are not associated with any financial group or public body. The only aim of our management and investments is to get the best and most secure benefits possible for our members. We are not exposed to third-party interests.

MINIMAL COSTS

GEROA only charges operating costs (approx. 0.30%), which gives us a competitive edge over individual supplementary pensions offered by financial institutions, which have much higher commissions. This has an impact on the accumulated capital, which can be as much as 40% lower.

PROVEN EXPERIENCE

Our figures say it all. Since 1996, GEROA'S annual rate of return has been greater than 5.79% and our returns now exceed 40% of our members' assets.

*Results obtained in the past are no guarantee for future results.

SOLVENCY

We have the highest solvency ratios in the sector.

COMMITTED TO OUR SOCIETY

One of the goals of GEROA is to strengthen the industrial base of the Basque Country. In 2002, together with ELKAKIDETZA EPSV, we established the company ORZA AIE, through which we invest up to 5% of our assets in companies from our target area.

PENSIONS

Ageing is a challenge for societies throughout the world. People are living for longer and birth rates are dropping, resulting in imbalances in public pension systems, where the current workers are making contributions to pay for current pensions.

EVOLUTION OF POPULATION GROUPS ESTIMATED IN THE EU-25
FOR THE PERIOD 1950-2050

Different governments have been implementing measures in an attempt to maintain the sustainability of these systems by introducing reforms aimed at gradually reducing public coverage; later retirement ages, limiting pension adjustments, including the sustainability factor etc.

This problem is not unique to our society, so in those countries where the greatest protection is given to the Welfare State, they already have systems to supplement pensions that help to maintain the purchasing power of pensioners.

Therefore, in Gipuzkoa we have been ahead of our time, endeavouring to follow the pension models of countries like Sweden, Denmark, Holland etc. by creating GEROA PENTSIOAK EPSV in 1996 and continuing along the same path which had already been taken in 1970 by the "Iron and Steel Supplement", to which companies and workers paid contributions to supplement the pensions of workers who had retired from the iron and steel industry when they fell short of certain minimum levels.

Aware of the importance of giving all workers proper protection, in 1996 the social representatives - employers and trade unions - did not hesitate to promote the benefit, signing an agreement in the iron and steel industry which has since incorporated a further 19 sectors, making us a force for change in the society of Gipuzkoa.

The commitment of all parties and the strength of these industry agreements which have endured over time means that, despite legislative changes and the discrepancies in other areas of collective bargaining, social protection continues to be essential for our representatives.

¿Quieres conocer la estimación de la pensión para tu jubilación?

Salario neto mensual:

Edad:

Pensión Pública:

Perdida poder adquisitivo:

 

CALCULA LA APORTACIÓN MENSUAL NECESARIA PARA MANTENER EL PODER ADQUISITIVO

Cantidad ahorrada ya en Geroa:

Rentabilidad esperada Geroa:

APORTACIÓN MENSUAL NECESARIA:

* Los datos obtenidos son estimados dado que no se introducen las cotizaciones individualizadas.

 

 

COVERAGE

GEROA supplements the pensions of workers at the time of their retirement, disability or death.

Also, in cases where contributions stop due to a disability or death, GEROA, remaining committed to its concept of welfare, provides additional cover to offset the reduction in the public pension of those people whose working life has been cut short.

WHO CONTRIBUTES?

The contributions are paid by companies and workers from the participating sectors.

GEROA PENTSIOAK EPSV was established as a result of the Agreement on Specific Matters signed in accordance with article 83.3 of the Workers' Statute in 1996 by the Gipuzkoa employers' association ADEGI and the trade unions ELA, LAB, CC.OO and UGT and which, by virtue of its aim of greater representation, brought together all of the companies from the iron and steel industry in Gipuzkoa.
Since then, this type of agreement has been signed in further 19 industrial sectors in Gipuzkoa and numerous companies that do not belong to any of them have joined individually.

These agreements, which remain in force today, make it compulsory for companies and workers from the participating sectors to pay contributions, regardless of the collective agreement being applied, as declared by both employers and trade unions after analysing a number of legal reports on the subject.

INVESTMENTS

The aim of diversifying the Entity's assets is to obtain a return that is, at least, higher than inflation, with limited and controlled risks.

As it is a non-profit organisation, all profits obtained are reinvested in future pensions.

GOVERNING BODIES AND INTERNAL STRUCTURE

GOVERNING BODIES

The Governing Bodies are the General Meeting and the Governing Board, and they are composed of the employers' association ADEGI and the trade unions ELA, LAB, CC.OO and UGT, in equal numbers.

GENERAL MEETING

GOVERNING BROAD

The decisions of the Entity's Governing Bodies are made by a simple majority, except for resolutions regarding changes to the articles of association or mergers, demergers or dissolution, which require two-thirds of members to vote in favour.

None of the members of the Governing Bodies receive any payment whatsoever for representing the Entity.

President: Joseba Villareal (ELA)
Vice-president: Nerea Zamakola (ADEGI)
Secretary: Angel Ramos Vizarro (UGT)
Treasurer: Fco. Javier Sasigain (ADEGI)

THE GEROA TEAM

GEROA'S staff is made up of a young and dynamic team of 19 people with the following values:

 

  • Professionalism with the commitments made
  • Efficiency and know-how
  • Transparency
  • Support for members
  • Teamwork

 

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