The value of Irish pension scheme assets fell by 23% in 2008 wiping off €20bn from fund values, the Irish Association of Pension Funds annual survey has revealed.
IAPF director of policy Jerry Moriarty commented: "The loss of almost €20bn in pension funds assets emphasises the scale of the problem which pension funds are facing. "
He added these falls emphasised the need for the government not to do anything in its Budget that would cause further damage to pension scheme members' retirement prospects.
The survey also revealed that, at the end of 2008, equities accounted for 47.8% of assets under management, compared with 66.3% at the end of 2007.
IAPF chairman Patrick Burke said: "This is less than would have been expected from market movements alone which would have left the equity proportion at 54% of total assets. We must surmise that this reflects a decreasing appetite for equities."
The survey also found a continuing move to defined contribution schemes. 70.8% of assets were managed on behalf of defined benefit schemes, 27.3% were defined contribution schemes, while 1.9% was under additional voluntary contribution schemes.
This marks a doubling of assets for DC schemes in two years, from 14% on 2006, highlighting the shift towards DC schemes in the private sector.
Some of the UK's biggest pension schemes will be forced to report on climate risk in line with recommendations from the Taskforce for Climate-related Financial Disclosures (TCFD).
TPT Retirement Solutions has launched a pension scheme for the education sector which offers schools both defined contribution (DC) and defined benefit (DB) pension provision.
The People's Pension has revealed plans to overhaul its charging structure, cutting fees and returning profits to members with an aim to help people save more money for retirement.
Data consultancy ITM has appointed Akash Rooprai as head of client management to lead its de-risking business.