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Impact Investing

IPE special report May 2018

Sections

Spanish pensions buoyant in 2002

The assets under management at Spanish occupational pension schemes rose 12.31% to E21.15bn at the end of 2002, according to figures released by Inverco, the Spanish association of institutional investors and pension funds.
The number of occupational pension account holders rose 12.76% to 614,000, while the number of occupational schemes rose 9.1% to 1,522.
Personal pension plan assets rose 8.33% to E26.23bn. A total 5.8m individuals (up 12.8%) invested in 741 personal pension schemes (up 14.2%).
Sector-wide schemes saw a decline in assets of 6.8% to E724m. Participation in such schemes fell 5.7% to 87,600. There were 195 sector-wide schemes in operation, a 6% rise.
Inverco said 20% of the pension funds’ assets that were invested domestically were invested in government bonds, down from 25% at the end of 2001. Corporate bonds accounted for 15%, down from 12% previously. Stocks accounted for an unchanged at 8% while other asset classes declined to 1% from 3%.
Of foreign holdings, 17% was in fixed income, from 18% before. Stocks accounted for 8%, down from 13%. Cash deposits grew to 18% from 12% at the end of 2001.
Inverco has broken down the best performing private pension plans. The best performing fixed income plan – or Renta Fija – was Banco Santander Central Hispano’s SCH Renta Fija Negocios, with a return of 9.15% over 13 years. On a one-year horizon it was 29th, with a 5.33% return. On the one-year view the SCH 95 Renta Fija 1 was top with 12.05%
The best mixed fixed income plan with an allowance of up to 15% in stocks – or Renta Mixta I - was the PI Musini, with a 9.86% return over 13 years. On the one-year view it was third, with 3.57%. Best over one year was the Fonditel Red Basica with 7.27%.
The best mixed fixed income plan with a 15%-30% stocks allowance – the Renta Mixta II – was Winterthur Pensiones’ Credicoop with a 9.78% return over 13 years. It was twentieth over the one-year period with –2.01%. Best over the one-year was Pentapension with a 4.90% return.
The best mixed stock plan with a 30%-75% stock allowance – the Renta Variable Mixta – was the SCH Renta Variable Mixta with a 13-year return of 8.19%. It was 34th with a –13.50% return over the year while Bestinver’s PI Bestinver was top with 7.92% over the year.
The top all stock plan, with a minimum of 75% in stocks – the Renta Variable – was Banco Inversion’s BI Futuro PP with a 13-year return of 5.55%. Over the year it was 82nd with a –33.00% return. On the one-year view the Fonditel Red Activa at 0.87% was best.

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