European private pension industry hit by negative returns in 2018
Savers across Europe with private pension plans endured a miserable year for performance in 2018 with widespread negative returns raising more concerns about the health of retirement systems across the region.
Voluntary privately funded pension plans, known in industry jargon as Pillar III schemes, delivered net real returns (after charges and inflation were deducted) in 2018 ranging from minus 9.8 per cent in Estonia to a whisker above zero in Austria, according to Better Finance, the investor rights campaign group.
Occupational pension schemes that employers and employees both pay into, known as Pillar II plans, also had a dismal year, with net real returns varying from minus 8 per cent in Bulgaria to minus 0.1 per cent in Austria.
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