IRISH pension funds continued to climb steadily in the third quarter, according to figures compiled by Mercer actuaries.

They showed that the average unit linked pension fund increased by 3.3 per cent during the last quarter, bringing the average year to date to 12.6 per cent. British and Irish equities led the way, accompanied by Irish gilts.

Friends Provident ranked first during the quarter, with a return of 5 per cent, followed by ESB fund managers (4.4 per cent) and Bank of Ireland Asset Managers (4.1 per cent). Friends Provident also shows the highest return for the year to date (15.9 per cent), well above the 12.6 per cent average.

Looking over a longer period, Eagle Star remains the top performance during the three years to end September, with an average annual return of 15.6 per cent.