Los planes de pensiones llevan el 30% de su cartera a fondos

More than 30% of the assets managed by Spain's pension plans are invested in domestic and foreign investment funds. This proportion, at 30.17% of the total assets, is the highest in the series compiled by the General Directorate of Insurance and Pensions in its latest sector report, covering the first quarter of 2026. The increase is gradual year after year, growing by 3.87 percentage points since the first quarter of 2023, when the data analysis began.

At the end of June, the pension plans had a total asset base of 145.106 billion euros, of which 43.778 billion were directed towards funds. Collective investment institutions held a total of 921.180 billion euros at the same time, according to Inverco. Pension products channel part of their assets into specialized investment funds, often managed by foreign asset managers, considering it better to entrust the management of these specialized assets to experts.

The employee pension plan of CaixaBank, the largest in Spain, with assets totaling 9.324 billion euros, follows this strategy. Fixed income remains the asset class with the largest share in the pension plans, although it has been declining from 42.14% in 2023 to the current 36.27%. The percentage of public debt is 20.91%, while the private debt represents 15.36%.

Fixed income's presence in the total assets of private pension plans is decreasing, a product that initially aimed to focus investments in these assets due to their safety, a preference that is recommended to guarantee the future supplementary pensions of participants. This belief remains in some cases, such as the construction pension plan, which initially preferred safety over risk, but its gains are limited.

Fixed income makes up 17.26% of the assets in private pension plans, while variable income accounts for 15.36%, according to the General Directorate of Insurance and Pensions. Risk capital represents 1.68% of the assets. In individual pension plans, fixed income products have given way to mixed fixed-income and variable-income products, according to Inverco's classification.

Fixed income products now represent almost 18.87% of the total subscribed by individuals, compared to 31.66% 26 years ago. Conversely, equity funds are now 25.23%, up from 16.42% at the beginning of the period.