Cajamar Variable Returns

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Pensions plans

Risk Indicator required by the O.M. ECC/2316/2015

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Lower potential compensation
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Higher potential compensation

Pay-out of the allowance or exercising the right to redeem the investment made is only possible in the event of one of the exceptional liquidity contingencies or circumstances regulated by legislation governing pension plans and funds.

The value of the rights or mobilisation, allowances, and exceptional liquidity circumstances depends on the market value of the assets in the pension fund, and can lead to substantial losses.

Contracted with CAJAMAR Vida S.A. Insurance and Reinsurance. Designed for top returns over the long term, investing mainly in variable returns, although a higher risk of volatility must be assumed.

The investment is mainly variable returns, preferably from the Euro zone.


These may be periodical (monthly, three-monthly, six-monthly, annual) or occasional (the shareholder can make a single contribution or several times throughout the natural year). Minimum contribution of 30 euros.

The FUND investment policy shall be implemented in accordance with security, profitability, diversification, dispersion, liquidity, monetary congruence and term criteria appropriate to its aims. The FUND assets shall be invested in the interests of the unit holders and beneficiaries, with the objective of obtaining the maximum long-term profitability.

The management shall be performed by honourable professionals with suitable and appropriate qualifications and experience in the area concerned.

Investing its net worth in:

  • Fixed Income Assets (fixed income which is either private - Corporate - or public - Government: promissory notes, shares in joint venture institutions - fixed-income stock investment funds, etc...)
  • Liquid Assets (current accounts, repos, deposits, promissory notes, shares in joint venture institutions - FIAMM money market funds
  • Variable Income Assets: Shares quoted on the principal European stock markets and shares in joint venture institutions (FIM, ETF, SICAV...)

and to which the following limits apply:

Limits by asset type out of total fund:
% Variable Income % Fixed Income and Liquid Assets
Minimum Maximum Minimum Maximum
75% 100% 0% 25%
Government/Corporate asset limits within total fund
Asset type Minimum Maximum
Government 0% 25%
Corporate 0% 25%
Credit rating limits for fixed income and liquid assets
Internal rating Minimum Maximum
Investment Grade
(AAA + AA + A + BBB)
90% 100%
High Yield 0% 10%

Liquid assets and fixed income assets issued by the Kingdom of Spain and current accounts are excluded from the credit rating limit calculation.

For the purposes of rating, the second best of the three main agencies shall be used: Moody's, Standard & Poors and Fitch Ibca; and liquid assets shall be assigned the rating associated to the issuer's long-term debt. In the event that the aforementioned credit rating limits are not adhered to as a consequence of an unexpected drop in the rating of one of the portfolio's assets, the MANAGER shall have 3 months from the date on which this circumstance occurs to adjust the previous limits in the best possible market conditions.

The FUND mainly invests in assets denominated in euros. In accordance with the above, the average duration of the fixed income and liquid asset reference portfolio is 1.3 years.

Pension Plan provided by: CAJAMAR VIDA S.A. de Seguros y Reaseguros (CIF: A04465555), brokered by CAJAMAR INTERMEDIADORA Operador de Banca-Seguros Vinculado, S.L.U. (CIF: B04428223), registered with the D.G.S. y F.P. insurance and pension funds directorate with administrative code OV0014, with Public Liability Insurance, pursuant to section 21, point 3, heading h) of Act 26/2006, of 17 July. Depositary: CAJAMAR, Caja Rural, S.C.C., (CIF: F-04743175)

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