The volume of assets in the individual pension system in Spain increased by €974m to €84.9bn in July 2023, according to data from Inverco.

Inverco noted that the positive returns experienced during the month drove the rise in individual pension assets.

This is the fifth month in a row that individual pension assets have increased in Spain, rising from €82bn to €84.9bn between the end of February and the end of July.

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

For example, at 26 years, pension schemes are expected to register an average annual return of 2.4 per cent.

Meanwhile, in the medium term of 10 and 15 years, pension schemes were forecast to return 2.9 per cent and 2.7 per cent respectively.

During July, the estimated value of contributions to the individual pension system was €108m, while the value of benefits was €166m.

Inverco used 827 pension schemes in the individual pension system and 7.34 million members in its analysis.

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