New Ireland and Eagle Star have come out on top of the latest Irish Times personal pension survey of unit-linked funds. The survey showed there were substantial differences in investment return, depending on the life company chosen. New Ireland, owned by Bank of Ireland, recorded the strongest performance in the 15- and 20-year periods, with returns of 14.12 and 15.77 per cent per annum. The poorest performer over 15 years was Hibernian Life (10.75 per cent per annum) and over 20 years Irish Life (13.92 per cent).

However, survey newcomers Eagle Star scooped the honours over 10 years. The company, whose unit-linked fund has only been running for the decade, recorded annual growth of 20.89 per cent. In real terms, a fund member's investment would have more than trebled over the period. Second in the 10-year unit-linked category was Acorn Life (formerly NZI Life) which reported a net annual yield of 16.97 per cent. New Ireland, which had also been the top performer over 10 years, slipped this year to sixth of the nine surveyed. Ironically, the poorest performer over 10 years was another Bank of Ireland operation, Lifetime, with annual growth of only 12.63 per cent, just enough to double one's investment over the period.

One company, Canada Life, refused to reveal the maturity value on its products in any category.

Among with-profits funds, the best performer over all categories was Guardian Life with per annum returns of 13.87 per cent over 10 years, 14.85 per cent (15 years) and 16.13 per cent (20 years).

The weakest performer among with-profits funds over the 10- and 15-year periods was Scottish Provident, with Norwich Union propping up the table over 20 years.

The vagaries in investment performance produce an £83,837 differential between the best and worst, assuming £2,000 invested each year over 20 years and maturing now for a male aged 60. The best returned £272,090; the worst, £188,253.

This, the ninth annual survey, is the only one in the State based on pension fund valuations at maturity after life company charges. It was compiled by independent financial adviser Financial Development and Marketing.