Pension funds down €2bn
IRISH pension funds were hit to the value of €2bn due to the knock-on effects of the eurozone debt crisis.
The impact on equity markets hit growth expectations in the eurozone for the foreseeable future, and this has hit pension fund assets, according to Noel Collins, Senior Investment Consultant with Mercer's investment business in Ireland.
"Furthermore, as we all know, the crisis has also hit many bond markets, in particular the bond markets of peripheral eurozone countries, thus causing further losses for pension funds," he added.
Mercer estimates that pension scheme liabilities have grown over the past year, further exacerbating the situation.