Pension Reserve Fund has 2.4% lift

THE National Pensions Reserve Fund (NPRF), which was set up by the Government to help address the country's pension requirements, achieved an investment return of 2.4% in the first three months of the year.

The fund was worth €12.3 billion at the end of March, an increase of over €600 million. The Government contributed €330m from tax receipts to the fund during the quarter, while investment returns delivered €290m.

NPRF commission chairman Donal Geaney said first quarter returns were driven by the fund's investments in European shares. The performance of non-European equities was boosted by a minor rally in the US dollar.