The volume of assets in the individual pension system in Spain increased by €2.58bn to €82.97bn in November 2023, according to data from Inverco.

Inverco noted that the “excellent” performance of the financial markets resulted in year-on-year investment returns of 3.5 per cent.

This positive overall return was driven by an average year-on-year return on equities of 8 per cent.

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 October, then rising again in November.

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 2.7 per cent.

Meanwhile, in the medium term of 10 and 15 years, pension schemes were forecast to return 2.4 per cent and 3.3 per cent respectively.

During November, the estimated value of contributions to the individual pension system was €130m, while the value of benefits was €216m.

Inverco used 823 pension schemes in the individual pension system and 7.34 million members in its analysis.

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