Irish pension funds rise in value

According to research published today Irish pension funds rose 4.1% in October.

Mercer Investment Consulting said that the latest rise in value means that the average Irish

Pension Managed Fund has increased by 10.6% in the year to date.

Hibernian Life was the best performer in October, rising 4.5%.

Irish Life saw a 12.9pc growth in return in the first 10 months of 2003, followed by Acorn Life at 12.7% and Friends First at 12.4%.

Since January, 12 of the 15 funds have posted double digit returns.In the last three years the average fund has lost 6.9% in value,reflecting the 20% slump last year. However, over 10 years, pensions are ahead by 8.5%.