Irish pension funds saw positive returns for the fifth month in a row in July, with average returns of 6%.

According to the latest figures from Rubicon Investment Consulting, returns are positive for the year to date, with the average fund gaining 11.7% in the first seven months of the year.

Rubicon calculates that the best performing fund last month was that of Irish Life Investment Managers, which returned 7.1%. KBC Asset Management propped up the league table with a 5.3% return for the month.

However, the average managed fund return has been a very disappointing -7.7% a year over the last three years, Rubicon says. The five year returns to the end of July are marginally positive with returns of 0.7% over the period.

Rubicon adds that group pension managed funds over the last ten years have seen disappointing average yearly returns of 0.8%.