The value of pension scheme assets in the individual system in Spain fell by €482m to €82bn in February 2023, according to data from Inverco.

Following an increase in asset values in January, a more challenging market environment resulted in adjustments to their valuations in February.

This resulted in negative returns in the second month of the year.

Despite the negative result, Inverco stated that the projected returns in the medium to long term for individual schemes with a long-term time horizon were positive.

For example, at 26 years, the pension schemes will register an average annual return of 2.5 per cent, while at 10 and 15 years it is estimated that the return will be 2.6 per cent and 2 per cent respectively.

Inverco also revealed that there were an estimated €115m of pension contributions to the individual system in February.

However, the volume of net benefits paid out during the month totalled €207m, resulting in net benefits paid out of €92m.

This level of net benefits was around the same as it was in the same month last year.

Inverco’s data is based on a sample of 860 pension schemes in the individual system and around 7.4 million participants.

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