Abinzano Guillén, María IsabelMuga Caperos, Luis FernandoSantamaría Aquilué, Rafael2015-11-022017-12-0120160920-8550 (Print)1573-0735 (Electronic)10.1007/s10693-015-0230-1https://academica-e.unavarra.es/handle/2454/18754The final publication is available at Springer via http://dx.doi.org/10.1007/s10693-015-0230-1We examine the role of the investor type in the fee structure of pension plans. Our examination uses a data set of employer-sponsored and individual private pension funds in Spain. We find different determinants of the fees between these two pension plans. We find evidence of market penetration strategies in individual plans but none in employer-sponsored plans. In these plans, the fees are negatively related to their financial groups’ market share, whereas in individual plans this relation is negative for management fees but positive for custodian fees. Further, except in the case of custodian fees in individual plans, we find that all fees diminish when the custodian and management firms belong to different financial groups.application/pdfeng© Springer Science+Business Media New York 2015Pension plansIndividual plansEmployer plansFee capsCensored datainfo:eu-repo/semantics/articleinfo:eu-repo/semantics/openAccess