SPAIN – The assets under management at Spanish occupational pension schemes rose 12.31% to 21.15 billion euros 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 26.23 billion euros. A total 5.8 million 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 724 million euros. 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 with7.92% 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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