The value of Irish pension funds fell by 1.2 per cent, on average, in the first month of 2010.

Figures from Rubicon Investment Consulting show that all major pension fund managers recorded losses in January.

However, returns over the past year average 22.7 per cent on the back on the bounce in share values in the final three-quarters of 2009.

Irish Life Investment Managers was the best performer in January with a loss of 0.4 per cent. Aviva Investors reported losses of 2.6 per cent.