BOHR International Journal of Business Ethics and Corporate Governance

This article analyses Spanish pension plans, which have had growing trend over the last years. They
are considered a complement to the public pensions offered by the social security system, and many companies,
especially large ones, set up pension plans for their employees as a measure of corporate social responsibility. The
aim of this paper is to describe the pension plan system in Spain and analyse its profitability. For this purpose,
the study has focused on the plans offered by financial institutions listed on the IBEX35 in 2022 since they are the
most important and, as they have similar characteristics, we avoid comparative bias. The study covers the 5-year
period from 2017 to 2021 and analyses the pension plan profitability from different points of view: according to
the category of the plan, the management entity and the analysis of the average profitability of each category of the
different entities. The results show that equities, mixed equities and mixed fixed income plans, in this order, are the
most numerous. They are also the ones that have generated the highest profitability in recent years, in general terms.
However, guaranteed income plans are the most stable over time. Moreover, it is observed that results are similar in
the different management companies analised.