SPAIN - Spanish pension funds' estimated median returns are positive for the month of August in all the three classes of assets they hold, despite median year to date estimated returns of -3.6%, a survey by Mercer has found.
The Mercer Pension Investment Performance Service (PIPS) pointed out August's positive results of non Euro equities were mainly due to the appreciation of the main currencies against the euro.
Fixed interest assets' estimated median return was 1%, performing positively for the second consecutive month.
The study said the results of the last two months allowed fixed interest assets to recover from several months incurring negative returns and to bring the year to date return up to 1.7%.
Euro equity performance has also been slightly positive with returns of 0.1%, compared with a year-to-date negative performance of -20.7%.
The survey also showed fixed interest was the only asset class Spanish funds had invested in which posted positive returns.
Mercer said the survey was based on a significant sample of Spanish occupational pension funds.
The most representative pension funds and pension fund managers in Spain were included in the sample and this made the sample representative of 54% of the occupation pension funds assets, Mercer concluded.
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.