The volume of assets in the individual pension scheme system in Spain increased by a further €634m in July 2024, according to the latest figures from Inverco.

Assets rose to €89.7bn during the month, which Inverco attributed to the positive performance in the financial markets.

In 2024 so far, assets in the Spanish individual pension scheme system have risen by €4.8bn (5.7 per cent).

Revaluation in pension scheme portfolios due to market effects increased the year-on-year returns of the pension schemes to 8.8 per cent in July, according to Inverco.

Variable income assets, such as equities, continued to deliver a strong investment performance, offering an annual return of more than 16 per cent.

The returns in the medium to long term on schemes with a long-term time horizon remained positive, Inverco found.

For example, at 20 years, pension schemes were expected to register an average annual return of 3.1 per cent.

Meanwhile, in the medium term of 10 and 15 years, pension schemes were forecast to return 3.1 per cent and 3.8 per cent respectively.

Inverco noted there were €110m of pension contributions made in July, while benefit payouts totalled €144m, bringing the volume of net benefit payouts for the month to €34m.

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