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.