Irish pension funds delivered positive returns during May for the third month in a row.

Although the average for ten-year returns remains disappointingly close to zero, even if on the right side at 0.2 per cent (compared to the inflation figure of 3.3 per cent), the average one-year return shows where the managed fund returns fell dramatically, with the figure a painful -25.7 per cent. Now, it seems, the hard climb back may be beginning.

The best performing fund for May was Merrion Investment Managers at 3.5 per cent, with Bank of Ireland Asset Management, Eagle Star and Standard Life Investments bringing up the rear together at 1.6 per cent. The returns over the first five months of 2009 were also positive, with an average of 5.3 per cent. Merrion was again the top manager at 11.0 per cent, ranging down to AIB Investment Managers at 0.8 per cent.

This is in contrast to the one-year returns, where the top figure, -21.3 per cent, was made by Canada Life/Setanta and Eagle Star. Aviva had the dubious honour of the worst return at -30.9 per cent.

At this stage it seems ambitious to aspire to guarded optimism, but whether it is a real indication that the worst is over or merely a lull in the storm, these figures represent a welcome respite from last year's deluge of bad news.

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