Defined Contribution - most plans are now DC arrangements.

Defined Benefit - current trend is not to have defined benefits arrangements. Given the risks of DB schemes, these types of schemes have in recent years become relatively uncommon in Spain.

Mandatory Public Pension Fund - part of the wider Spanish social security system, employers and employees must make mandatory monthly contributions.

Employer pension plans are subject to a number of additional legal requirements and proceedings, unlike individual private pension plans. It is key to have any employer pension plan externalized - that is, plan funds have to be deposited in an external entity, i.e. bank, or insurance company.

The transferee assumes all previously existing rights and obligations of the transferor with respect to the employees, including pension plan obligations, and, in general, any other obligations regarding social protection the transferor would have acquired.