PensionDanmark has seen returns of up to 3.2% over the first half of the year, with the result viewed as satisfactory despite overall investment return halving compared to the same period in 2015.

The Danish provider said its fund for members aged 40 returned 1.3% in the six months to June, while those aged 65 saw investments return 3.2 – overall equating to an investment return of DKK3.8bn (€510m).

The result is significantly down over the same period in 2015, when the pre-tax return from investments stood at DKK7.9bn.

However, the provider noted a significant improvement in the investment environment since the end of June, and said that the fund for those aged 40 and the investment option for those aged 65 had seen returns improve to 3.5% and 4.7%, respectively.

Torben Möger Pedersen, chief executive of PensionsDanmark, nonetheless struck an upbeat tone.

”Overall, we have achieved satisfying results in the first half-year, during which our investment portfolio once again proved robust despite the significant turbulence in the financial markets, while simultaneously managing to bring down administrative costs even further.”

The provider said it had further seen its costs fall 10 to DKK142, and that assets under management had risen to DKK189bn.

The growth was aided by continued increases in contributions to DKK6.4bn – up by DKK700m compared to a year ago.