€10 billion wiped of value of pension assets this year

IRISH pension funds have fallen by 10% so far this year representing their biggest drop since the aftermath of the September 11 attacks.

The fall means €10 billion has been wiped off the value of pension assets over the last few weeks.

The figures, compiled by Mercer Investment Consulting, is unwelcome news for trustees and members of such funds especially following a decline of about 4% in the value of the average Irish pension fund in 2007.