The value of assets in the Spanish individual pension scheme system fell by €741m in July to €101.1bn, according to figures from Spain’s Association of Collective Investment Institutions and Pension Funds (Inverco).
This decline was attributed to adjustments to pension scheme portfolios as a result of market effects.
In July, estimated contributions to individual pension plans amounted to €108m, compared with €207m in benefits paid.
Despite the monthly decline in assets, pension schemes continued to report positive investment performance.
The overall year-on-year return for all pension schemes stood at 9.7 per cent in July.
Meanwhile, equity-based pension schemes recorded returns of 20.8 per cent over one year, 15.2 per cent over three years and 10.4 per cent per annum over five years.
Over the longer term, pension schemes generated an average annual net return of 3.4 per cent over 20 years, while the 10- and 15-year annualised returns were 4.4 per cent and 4.8 per cent, respectively.
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