Get to know the fund


Legally, every Pension Plan must be attached to a Pension Fund that integrates its contributions. It may happen that a given Fund integrates the contributions of several Pension Plans.

In our case, PENSIONS CAIXA 2, F.P. only integrates the contributions made in the Caixabank Associated Collective Plan.

The governance of both the Fund and the Plan is carried out by the Control Committee in accordance with the functions attributed to it in the Specifications of the Associated Collective Plan of Caixabank, S.A. and the Operating Regulations of Pensions Caixa 2, Fondo de Pensiones.

Investment policies

The investment policies of the Fund are designed jointly by the Management Company, the Board of Trustees and a Avisor which advises and supports the Control Committee in all its management.

The Investment Policy is reflected in the Investment Policy Statement (IPS) .

The Pension Fund’s investment objective is to achieve an annual return (measured on an annualised basis over 5 years) in line with the 3-month Euribor + 3.5% index with an associated risk level of around 12% (measured through annual volatility).

This investment objective should be understood exclusively as a reference point for action, and under no circumstances should it be interpreted as a collective or individual commitment of participants and beneficiaries, whose rights and future development will ultimately also depend on their particular characteristics.

The investment objective described above is translated into a long-term investment policy which is also defined in the IPS and which entails the definition of an investment strategy and the establishment of benchmarks against which to measure the performance of the management company.

An extra return (over the last 5 years annualised) of 0.5%, net of expenses, over the benchmark, as a metric of added value in investment management.

Investment beliefs

The long-term investment strategy and the management mandate are the main tools of the Board of Trustees to implement the defined investment objectives.

In April 2021, the Board of Trustees set out the following investment beliefs which will underpin its vision and decisions in the medium to long term and which should be taken into consideration in investment management.

  1. A good level of Governance in the Pension Fund allows you to aim for better results.
  2. Investment strategy is the main factor in explaining Pension Fund performance and risk.
  3. Strategic decisions should be aligned with the time horizon of the Fund.
  4. Sustainability is an essential part of our entire investment process.
  5. The use of active management adds value to the pension fund.
  6. Cost management is important to the performance of the Pension Fund.
  7. Proper and adequate monitoring of the Fund’s performance can add value.