Despite ongoing market volatility in March, Irish pension funds enjoyed a strong month, with funds gaining 1.3 per cent on average. However on a quarterly and annual basis, returns are in the red.

According to the latest figures from Rubicon Investment Consulting, the top performing Irish managed pension fund during March was Setanta Asset Management, with a return of 2.4 per cent. Merrion Investment Managers was bottom of the table with a zero return.

Nonetheless, despite the bright spot in March, 2016 overall has been a “gloomy” year for pensions, with pension funds down 3.7 per cent on average over the first quarter. On an annual basis, pension funds are also in the red, down by 7 per cent on the year, with Setanta again the best performing, with a decline of 3.8 per cent, while investors with Merrion lost almost 10 per cent in the year.

Longer-term,Irish pension funds have clawed back losses from the bust, returning 10 per cent a year over the past three years, or 3.9 per cent a year on average, over the past 10 years.