Pension funds rise by 12.3% in 2003

IRISH pension funds increased in value by an average of 12.3% during 2003, according to a survey of pension funds released yesterday.

Figures published by Mercer Investment Consulting showed the average increase over the last three months of the year was 5.7%, as equity markets continued to show signs of recovery.

Tom Geraghty, senior investment consultant with Mercer, said the overall positive returns posted by each manager in the survey masked the volatility in performance seen during the year.