The volume of assets in the individual pension scheme system in Spain increased by 1.9 per cent in March 2024, according to the latest figures from Inverco.

Inverco revealed that assets rose by €1.63bn to €88.1bn during the month.

Over the first quarter of 2024, assets in the individual pension scheme system grew by 3.8 per cent (€3.19bn)

The year-on-year returns of the pension schemes increased to 10.3 per cent due to the positive performance of the financial markets.

Variable income assets, such as equities, were the primary driver behind the strong performance, offering an annual return of 21.5 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 per cent.

Meanwhile, in the medium term of 10 and 15 years, pension schemes were forecast to return 3 per cent and 4.3 per cent respectively.

During March 2024, the estimated value of contributions to the individual pension system was €120m, while the value of benefits was €181m.

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