Group pensions in recovery

Group pension managed funds recouped some of their losses of earlier in the quarter, with the average fund returning 0.3% in August, according to Heissmann Consultants.

Over the first eight months, the average fund returned 4.2%. For the 12 months to the end of August the average return was 7.4%. But longer-term returns are not as strong, reflecting the performance of equity markets between 2000 and 2003.

Over the three years to end August 2004 the average fund has returned minus 1.4% a year.