New figures show that €3.1 billion was wiped off the value of Irish pension funds in November, with falls in Irish shares accounting for €700m of the drop.
According to investment consultants Rubicon, Irish pension funds have lost €2.1 billion on the Irish stock market, eroding gains made in other markets.
The average fund declined 4.6% over the month, ranging from Standard Life's 6.4% fall to Setanta's 3.3% drop. The average fund has lost 1.6% over the first 11 months of the year.
Rubicon said the financial sector, which makes up more than 40% of the ISEQ index, fell 9% in November alone while the broader index of Irish shares fell 8.6%. It added that Irish funds were feeling the effect of their overweight position in the Irish market.
