EY announces the launch of a new investment consulting service for occupational pension funds in Spain, at a time of structural transformation of the pension system driven by Law 12/2022 and the development of simplified occupational pension plans. The new service has been designed to strengthen the governance of pension fund supervisory committees in an increasingly demanding market environment.
The service, which will become part of the Pensions & Benefits practice led by partner Francisco González-Quevedo, will be headed by Pablo Nortes, who recently joined the firm and brings extensive experience in the pensions sector.
With assets under management exceeding €40.8 billion (2025 figures) and more than three million members, the Spanish occupational pension market offers significant growth potential, but also faces major challenges in governance, investment strategy, and adapting to the evolving needs of plan members. Generating positive real returns has become a key challenge: in recent years, only around 10% of occupational pension funds have managed to outperform inflation.
In this context, EY is launching this new consulting offering to help supervisory committees make better-informed investment decisions, with the added benefit of doing so independently and free from conflicts of interest. The service will provide expert market insight that complements the work of asset managers while strengthening the committees’ oversight role.
According to Olga Cecilia, EY Partner and Head of Compensation & Pensions, “The system is at a turning point: supervisory committees need more tools, greater independence, and stronger decision-making capabilities to navigate investment decisions in an increasingly complex environment. Our goal is to support them in making decisions that generate real value for plan members.”
For Francisco González-Quevedo, Partner in EY’s Pensions & Benefits practice, “The key is no longer just managing assets, but making the right decisions. Professionalising investment decision-making is essential to improving outcomes and strengthening confidence in the system.”
Pablo Nortes, Senior Manager in EY’s Pensions & Benefits practice, notes that “financial markets have changed significantly in recent years, with a direct impact on pension plan investment strategies. We have seen traditionally diversifying asset classes cease to behave as such during certain periods, requiring portfolios to be reassessed. At the same time, the evolution of member populations calls for a more dynamic approach. All of this increases the level of responsibility and complexity faced by supervisory committees when making investment decisions.” He also highlights that “EY offers a differentiated approach, as we do not have in-house asset management capabilities, allowing us to provide recommendations with complete independence and without conflicts of interest.”
EY works with six of the world’s ten largest pension funds by assets under management and eight of the world’s ten largest sovereign wealth funds, enabling the firm to bring global investment best practices to the Spanish market. EY’s Pensions & Benefits practice has extensive experience advising large companies and multinational organisations on the strategic management of employee benefits.
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