Pension plan assets increased by €2.1 billion in May due to trade truces.

The assets under management of individual pension plans (the most significant, followed at a distance by the employment and associated pension systems) increased by 2.5% in May, equivalent to approximately €2.107 billion, bringing the total under management to €91.725 billion, according to data from the sector's employers' association Inverco.

In a press release, Inverco explained that pension plan portfolios appreciated in May due to the "good performance" of the financial markets.

This increase has been driven by the arrival of the United States' trade truces with various countries and economic blocs in the rest of the world, although volatility has continued due to the back and forth in the form of threats from the White House tenant.

Thus, pension plans broke their three-month streak of asset losses in May, with losses of 840 million euros in April, 3.1 billion euros in March, and another 13 million euros in February.

So far this year, the assets of these pension plans have decreased by 0.54% compared to the end of 2024, resulting in a loss of €505 million. On a broader level, last year closed with a cumulative increase of 8.6%, equivalent to €7.26 billion.

The medium- to long-term returns on this very long-term savings option have remained positive; thus, 26-year pension plans recorded an average annual return (net of expenses) of 2.2%, while medium-term plans (10 and 15 years) showed returns of 2.5% and 3.8%, respectively.

For its part, the return on all pension plans over one year has reached 5% (last month it was 3.7%), with particular emphasis on variable-income plans, where the yield has climbed to 6.5% - although three months ago they boasted a return of 16.4% in this area.

As evidence of the fear of the trade and economic consequences unleashed by the Trump administration on Liberation Day, long-term fixed-income securities posted a one-year return of 5% at the end of May, while short-term fixed-income securities posted a one-year return of 3.3%.

Throughout May, the estimated volume of contributions would be 107 million euros and benefits 169 million , bringing the net benefit volume for the month to 62 million euros.