The assets under management of pension schemes in the individual system in Spain fell by 11.36 per cent in 2022, according to VDOS.

VDOS’s figures showed that assets had declined by €9.5bn during the year to €74bn, as at the end of December 2022.

The decline was primarily attributed to the negative performance of portfolios last year, which shrank by €8.78bn.

Additionally, net redemptions of €716m were added to this loss.

Credit cooperatives registered the highest net deposits, with €153m, following by insurers with €40m.

All types of entities registered falls in equities, with credit cooperatives coping the best with losses of 6.16 per cent on equities.

Banks also maintained their majority share position with 78.8 per cent, followed by independent groups (6.52 per cent) and insurers (5.19 per cent).

By financial group, Caja Rural was the entity with the highest net deposits at €124m, followed by Ibercaja (€89m) and Renta 4 (€85m).

Caixabank remained the leader by assets managed, with a share of 30 per cent, followed by BBVA (18.8 per cent) and Santander (12.7 per cent).

Monetary plans had the highest net deposits at €309m, followed by variable income plans at €86m.

“On the contrary, guaranteed plans are the ones that have suffered the highest net redemptions, with €431m,” VDOS stated.

“In this way, the mixed ones maintain their preponderance in the Spanish market, with €48.4bn and a market share of 65.3 per cent, followed by variable income, with €12.7bn.”

In terms of profitability, the main managers have been negative, with Liberbank Vida y Pensiones registering the best performance with -6.76 per cent.

Among independent managers, Cobas Pensiones was the only one to report a positive return, at 9.48 per cent.

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