| |
 |
|
| |
|
|
Analysis of variables that determine pension plan fees
Carmen Pilar Martí Ballester and Mª Ángeles Fernández Izquierdo and Juan Carlos Matallín Sáez |
|
Characteristic features of the Spanish pension plan market are the maximum legal limits it establishes for management and custodial fees, and the fact that –on the whole- it is marketed and managed by financial entities, which can sometimes lead to conflicts of interest. The aim of this study is therefore two-fold: to analyse the variables that determine the fees incurred by pension plans using Powell’s (1984) CLAD model; and to demonstrate that the results of applying this model are robust. We use data on the management and custodial fees of various individual pension plans in Spain. The results show that the nature of the management entity, pension plan results, management style, the mean investment made by each participant, and the custodial fee established by the custodian all have a relevant effect on the management fee. Notable factors that influence the custodial fee are: the influence of the return of the plan adjusted to the return of the category, the custodial capital, the plan’s management style and the management fee established by the managing entity.
|
|
| Copyright
1998 - 2012 - Asociación Española de Finanzas (AEFIN).
Todos los derechos reservados
e-mail: aefin@aefin.es
y secretaria@aefin.es
c/ Rosario Pino, 8, 10º-A
28020 Madrid
Tlf. y fax:
+34 91 3691483 |
|
