Plan de Pensiones de Empleados del Grupo Bankia

Plan de Pensiones de Empleados del Grupo Bankia

The plan launched on January 1, 2021, as a direct consequence of the CaixaBank-Bankia merger, consolidating retirement obligations for the former Bankia workforce into a single vehicle. CaixaBank, S.A. serves as the promoting entity, and the fund is managed by VidaCaixa — the group's insurance and pensions arm. Labor unions Comisiones Obreras (CCOO) and Unión General de Trabajadores (UGT) sit on the Control Commission, providing employee oversight of investment policy and benefit administration. Investment strategy follows a mixed-system pension model with explicit environmental, social, and governance criteria integrated into manager selection and portfolio construction. Asset-class exposure spans domestic real estate — including positions in Merlin Properties SOCIMI in Madrid and Inmobiliaria Colonial SOCIMI in Barcelona — and Spanish government bonds (per Tesoro Público). The plan's ESG mandate is supported by VidaCaixa's participation in the Principles for Responsible Investment and the Spanish Sustainable Investment Forum, Spainsif. Total assets remain undisclosed publicly. The plan's sole function is to provide retirement, disability, and survivor benefits to legacy Bankia employees, making it a closed group — no new participants join beyond the original post-merger cohort (per public record). There are no known venture capital or private equity co-investment programs; the fund operates as a traditional occupational pension scheme with a conservative, income-oriented mandate. Structurally, the plan is a founder-sponsored occupational pension — not a multi-employer vehicle or a commercial pension manager — governed jointly by the promoting employer and elected employee representatives. This arrangement reflects Spain's mandatory collective bargaining model for employment pensions, where union presence on the Control Commission is required by law. The relationship with Fundación "la Caixa" provides an indirect philanthropic connection, though the pension plan's assets and governance remain entirely separate from the foundation's endowment.