Belgium’s OGEO Fund, which manages statutory pensions for public and semi-public institutions, has reported a financial return of 7.4% for 2013, down from the 9.2% reported for 2012.

Assets under management rose to €968m by the end of December from €934m a year before.

The profit margin was €53m in 2013.

Stéphane Moreau, chairman of the executive committee of the Liège-based pension fund and managing director, said: “We can be proud of our financial return of 7.38%, despite the difficult market conditions during the first semester of 2013.”

He stressed the fund’s mission was a long-term one and said performance should not be judged on a single year. 

However, last year’s return exceeded the average performance of Belgian pension funds of 6.7% in 2013, he said.

At the end of last year, the fund’s allocated assets stood at €882m compared with its pension liabilities of €367m, representing an over-financing of 140%.