Assets under management (AUM) in Spain’s individual pension plan system rose by 4.61 per cent in 2025, increasing by €3.931bn to reach €89.121bn at the end of December, according to data from VDOS.

Independent groups recorded the largest percentage increase in assets over the year, while banks continued to dominate overall market share.

By type of provider, independent groups posted the strongest relative growth in AUM during 2025, followed by insurers (up 7.41 per cent) and credit cooperatives (up 5.86 per cent). Despite this, banks retained a commanding 76.45 per cent share of the market, ahead of independent groups (8.06 per cent) and insurers (5.76 per cent).

CaixaBank remained the largest manager by assets, with €25.118bn and a 28.18 per cent market share. BBVA followed with €16.790bn (18.84 per cent), while Santander held €10.840bn and a 12.16 per cent share, excluding reimbursement rights linked to mathematical provisions.

By asset class, equity pension plans saw the largest increase in assets during the year, rising by €1.504bn, followed by life-cycle strategies (€1.386bn). Target-maturity strategy plans experienced the sharpest decline, with assets falling by €559m. Mixed-asset plans continued to dominate the Spanish market, with €40.261bn in AUM and a 45.18 per cent market share, ahead of equity plans at €19.299bn.

Among the main pension managers, Caser Pensiones delivered the highest return at 11.20 per cent, followed by Bankinter Seguros de Vida (8.63 per cent) and Santander Pensiones (7.42 per cent).

Within the independent manager segment, Cobas Pensiones recorded the strongest weighted average return so far this year at 29.95 per cent. Dunas Capital Pensiones followed with 13.17 per cent and GVC Gaesco Pensiones with 11.11 per cent.

By VDOS categories, Spanish equity plans posted the highest returns at 49.09 per cent, followed by eurozone equities (18.52 per cent) and European international equities (18.33 per cent). International short-term fixed income and euro money market plans delivered the lowest returns, although both remained positive at 1.88 per cent.

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