Industriens Pension’s record membership numbers has raised contributions from DKK 4.5bn (€603m) to DKK 4.9bn (€657m).

The Danish fund grew with 4,700 members in the last year and now represents around 407,000 members and 8,000 businesses in the labour market. This is the fourth year in a row with rising membership numbers, it said in a statement.

This, Industriens Pension administrative director Laila Mortensen said, reflects how more people are being hired in the labour industry. “Therefore the positive tendency from the latest years are still in full effect. Contributions and payments are at a record high at the same time, and there has been increased activity on all fronts.”

The fund’s investments only grew 0.6 per cent in the six months due to periods of strong head-wind in the equity market as well as an unstable financial market in general.

International listed shares and credit bonds had a particularly hard time but unlisted shares and infrastructure provided solid returns, generating an overall positive return.

While not living up to previous numbers, the fund said it has done well because of a well-diversified and robust portfolio which is crucial in times of difficult market conditions.

“The market turmoil in the first six months comes after years of very good and stable returns. We expect a slower speed in the financial market in the coming years and I think all investors will have to prepare for returns at a lower level than we have achieved in the last few years,” Mortensen said.

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