Growth in Irish pension funds

Dublin: Irish pension funds grew in the third quarter following strong equity returns, a survey by Hewitt Associates shows.

The Hewitt Managed Index, an index of traditional managed pension funds, increased by 3.2% over the quarter. The index has gained 5.8% since the start of the year.

The S&P 500 rose by 8.8% over the month, its strongest September since 1939, though the weakening dollar during the month dampened returns for euro-based investors. The euro gained 6.4% on the dollar in September. In euro terms, the eurozone equity market outperformed other regions, returning 5.4% over the month.

Evelyn Ryder, director of Investment Consulting at Hewitt Associates, said: “Defined benefit pension plans saw a slight easing on the minimum funding standard liabilities as bond yields increased over the month. However, German bond yields are still far below their levels at the start of the year and despite positive asset performance year to date schemes’ funding remains under severe pressure.”


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