Eagle Star has topped the league table among group managed pension funds, delivering a return of 19 per cent per annum over the five years ending December 31st, 1998.

According to figures released yesterday by Irish Pensions Trust, the average annual return over the five-year period - the length of time typically used by pension fund trustees when assessing the performance of their fund manager - was 15.7 per cent.

Seven managers out of a total of 15 delivered returns above the average over the last five years. These included ESB Fund Managers, in second place with an average return of 17.8 per cent per annum, and Norwich Union, which returned 16.8 per cent. Friends First, Guardian Life, New Ireland and Equitable Life also delivered above average returns.

The worst returns were recorded by Canada Life at 12.5 per cent, Irish Life with 14 per cent per annum and Bank of Ireland Asset Management (BIAM) at 14.1 per cent.

If last year's performance is looked at in isolation, Eagle Star also took poll position, delivering a return of 24.4 per cent in 1998.

In terms of investments, the ISEQ index of Irish shares has delivered returns of 36 per cent per annum to investors over the last five years, topping the table. European shares returned 30.9 per cent, North American equities 30.1 per cent while British equities delivered 27.4 per cent.

By contrast, those with exposure to Japanese equities have suffered as these have delivered an annual return of 0.1 per cent over the last five years.