The average managed pension fund fell back by 5.1 per cent in the first quarter of the year, according to the latest figures from Mercer Benefit & Remuneration Consultants.

There were negative returns across the board with Irish Life and Montgomery Oppenheim putting in the best performances at -3.0 per cent and -3.1 per cent respectively.

Canada Life/Setanta and Baillie Gifford lagged behind their competitors over the first three months of the year.

In the 12-month period to March 31st 2001, BIAM lead the way, returning -0.2 per cent against the average return of 7.9 per cent, followed by New Ireland which posted a -0.5 per cent loss.

Commenting on the figures, Mr Michael Dempsey, senior investment analyst with Mercer, said the continued fall in global equity markets had severely affected Irish pension fund performance.