The total value of pension funds here at the end of June was 2.1% lower than it was at the end of last year, according to new data released by the Central Bank of Ireland.

In the first of a new quarterly statistical series on the topic, the regulator said pensions were negatively hit by financial market turmoil that followed the start of the coronavirus pandemic.

In total the value of assets fell by 6.5% to €7.9bn between January and March. 

However, there was a partial recovery in the following quarter, with the entire value of funds at the end of June sitting at €118bn, down 2.1% since the end of last year.

Liabilities though were higher at €123bn, meaning there was a deficit of €5bn.

Entitlements to members accounted for 99% of the liabilities.

€80bn were due to defined benefit pension funds, while €42 billion were to members of defined contribution schemes.

Pension fund reserves, comprised of investment products sold by insurance companies typically invested in a range of instruments, made up the bulk of the assets, at €46bn or 39%.

Investment fund shares made up a further €43bn.