Irish pension funds gained 0.3% on average during April, new figures from Rubicon Investment Consulting show.

Rubicon said that the "lacklustre average disguises mixed fortunes". 

It noted that New Ireland were ranked top this month with a gain of 1.2%, while Standard Life Investments propped up the league table with a loss of 0.3%.

2016 has been a bleak year so far for Irish pension funds, with returns down 3.4% on average over the first four months. 

Over the past twelve months, the average fund return showed a disappointing fall of 5.3%. 

However, the average managed fund return has been a strong 9.8% a year over the past three years, while the five-year average return is a healthy 9.7% a year.