Average pension up 12.5%

THE average managed pension fund increased by 12.5% in 2003, Coyle Hamilton states in its review of the Irish pensions market.

Funds recovered strongly during 2003 but were still recouping losses suffered during market falls of the previous three years, it said.

The group is upbeat about prospects for equity markets in 2004 and said the continued recovery would result in greater confidence in managed pension funds.