The judges selected Geroa as Spain’s best occupational pension fund due to its pioneering role, robust governance, and consistently strong performance. A multi-sector structure delivers low fees alongside a notable social responsibility commitment. Managed entirely in-house, Geroa maintains an exceptionally low management expense ratio of 13bps on €3.1bn of assets. The fund's long-term, independent investment strategy focuses on conservative fixed-income allocations, which is complemented by equities and regional, socially responsible projects. The judges also drew attention to disciplined risk control, deep diversification, and a professional management team. They also commended the fund’s robust solvency, sizeable reserves, and commitment to socially responsible investment. Strategic hedging and rigorous risk controls further reinforce stability. Overall, Geroa combines sustainability, performance, and prudent governance, setting it apart in Spain.