Pension funds grow to €77.9bn

IRISH pension funds grew 25% to €77.9 billion in 2005 according to the annual asset allocation survey published yesterday by the Irish Association of Pension Funds (IAPF).

However, IAPF chairman Joe Byrne said: “Many defined benefit funds will not have improved their solvency position when measured against the minimum funding standard as set down by the Pensions Board which is now under review.”