Third-quarter results for pension managed funds the largest destination for all pension contributions show average returns of 8.2 per cent while the nine-month average return to the end of September is 29.2 per cent.

The best performing investment manager over this past quarter and the year to date has been Eagle Star with 10.2 per cent and 35.7 per cent returns respectively. The lowest return over the year to date has been Canada Life with a 25.9 per cent growth performance. At 17.4 per cent Canada Life's three-year performance is also below the average, but its five-year returns - always a better benchmark for fund performance - show that the fund is holding its own against the competition. Eagle Star's leading performance has been consistent over the past three years while Irish Life, with the largest share of the managed fund market has been consistently under-performing for the past five years. Investors should note that the figures published here, by the actuaries, Buck Consultants, are gross `offer prices' that include fund management fees, but do not take into account the standard 5 per cent bid offer spreads and setup charges. The real cash returns on these funds will be considerably low perhaps by as much as 7 per cent.