IRELAND - The average Irish pension managed fund was up 5.7% in July, marking the fifth consecutive month of gains, according to data compiled by Hewitt Associates.
Year-to-date through the end of July, the Hewitt Managed Fund Index was up 11.4%, but remained in the red for the 12 month period, with returns of -12.4%, Hewitt said.
"The equity market rally which has been taking place over the past few months continued in July and this has helped the performances of Irish pension funds," said Hewitt investment consultant Deborah Reidy.
She added: "Equity markets have risen considerably from their lows in mid March and the gains recorded in July can be attributed to more positive economic data and company earnings results for the first half of 2009 which have been emerging of late."
The Irish Life Managed Fund was the strongest performer in July with returns of 7.1%. Over a one-year, three-year and five-year period, however, the best performer was the Eagle Star Managed Fund with returns of -8%, -4.4% and 3.5%, respectively.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.