The volume of assets in the individual pension system in Spain decreased by €1.17bn to €81.43bn in September 2023, according to data from Inverco.

Inverco noted that while the value of assets fell during the month, the negative adjustment of portfolios was much lower than that of the same month last year, when asset values decreased by €3bn.

This meant that the annual increase in asset values was 5.8 per cent, with all investment categories performing positively.

However, variable income stood out among the asset classes, returning more than 15 per cent year-on-year.

Asset volumes had been steadily increasing between the end of February and the end of July, rising from €82bn to €84.9bn, before declining in August and September.

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 2.6 per cent.

Meanwhile, in the medium term of 10 and 15 years, pension schemes were forecast to return 2.4 per cent and 2.6 per cent respectively.

During September, the estimated value of contributions to the individual pension system was €104m, while the value of benefits was €157m.

Inverco used 828 pension schemes in the individual pension system and 7.34 million members in its analysis.

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