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Pension funds notched up further losses in the first three months of the year.Irish-managed funds have surrendered 4.9 per cent of their value on average in the first quarter, bringing the cumulative loss over the last 12 months to 23.4 per cent, according to figures produced yesterday by Buck

Consultants and Mercer. In 2002, pension funds fell by an average of 18.9 per cent.