Irish pensions funds recovered from the market weakness at the end of 1998 in the first half of this year according to Pensionnews. The newsletter of Becketts Employee Benefit Consultants says: "Of the 18 Irish Group Pension Managed Funds under review the top performer for the year to 30th June, 1999 was the New Ireland with an annualised return of 11.1 per cent followed by Ulster Bank with 8.6 per cent. Price inflation over the period was 1.3 per cent."

The top performer over the last five years was EBS Fund Managers with an annualised return of 21.3 per cent followed by Eagle Star with 21.1 per cent. The period showed price inflation of 2 per cent.

Acorn Life outshone them all over a 10-year period with an annualised return of 15.1 per cent followed by Norwich Union with 14.7 per cent. Price inflation over this period was 2.4 per cent.