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Irish pensions suffer worst month since 2008

The fallout from the Chinese market crash hit Irish pension funds with the biggest investment losses since the the 2008 financial crash in August.

Irish pension managed funds had negative returns last month, suffering average losses of 5.9pc, according to Rubicon Investment Consulting, which monitors returns across the sector.

Irish pension funds suffered as trillions of euro globally was wiped off the value of stocks, bonds and commodities on fears over China’s economic slow down prompted mass investment sell-offs.

Setanta Asset Management outperformed its peers last month but returns were still down 4.2pc in August while funds managed by Friends First/F&C suffered the biggest monthly drop at 6.9pc.

Deposit rate cuts mean just a third think now is a good time to save

ONLY a third of people believe that now is a good time to save, a new survey has found.

Savers have become more cautious about saving as banks continuously cut deposit rates.

The savings index found that just 32pc of people believe that now is a good time to save. But there has been a slight rise in the numbers who save regularly, up to 43pc in March.

Meanwhile, 80pc of adults under 35 don’t know the level of the State pension.

Half believe that they will have to work to at least 70, and over one third say they will need to work as long as they can.

The survey, commissioned by the Irish Association of Pension Funds (IAPF) and conducted by IReach, found older people have more awareness about pensions.

The function of the survey was to examine retirement planning in Ireland and whether people are being realistic as to their expectations for retirement age.

It estimates that those over 55 facing retirement appear to have greater awareness, with over 60pc knowing how much they will receive from the State when they retire.

The survey shows that pension participation is poor, with just 50pc of workers saving for retirement.