The assets under management (AUM) in Spain’s individual pension plan system fell by 1.9 per cent in the first quarter of 2026, decreasing by €1.694bn to €87.4bn at the end of March.

According to the latest data from VDOS, all provider types recorded asset declines over the period, although insurers proved the most resilient with a marginal drop of 0.52 per cent.

Banks continued to dominate the market, holding a 76.29 per cent share, ahead of independent groups (8.16 per cent) and insurers (5.85 per cent).

Caixabank remained the largest provider by AUM, with €24.5bn and a 28.07 per cent market share. It was followed by BBVA (€16.5bn - 18.87 per cent) and Santander (€10.5bn - 12.06 per cent), excluding the value of redemption rights from mathematical provisions.

By asset class, money market plans were the only segment to post growth, rising by €59m over the quarter.

In contrast, mixed plans saw the sharpest decline, falling by €905m. Despite this, mixed plans remained the largest segment in the Spanish market, with €40bn in assets and a 45.73 per cent share, followed by equity plans at €18.6bn.

In terms of performance, Abanca Vida y Pensiones led among the main managers with a return of 0.28 per cent, followed closely by Mapfre Vida y Pensiones at 0.26 per cent.

Among independent managers, Dunas Capital Pensiones delivered the strongest quarterly performance, posting a weighted average return of 17.36 per cent, ahead of Cobas Pensiones (11.3 per cent).

By VDOS categories, Asia-emerging equity funds recorded the highest returns at 2.76 per cent. Euro money market and short-term international fixed income funds both posted gains of 0.16 per cent.

Meanwhile, euro equity funds were the worst performers, declining by 3.4 per cent, followed by European equity funds, which fell by 3.17 per cent.

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