IRISH pension managed funds recorded gains last month, with average returns of 1.1 per cent, as markets swung their way. Over the past three years, the average managed fund return has been a “healthy 7.1 per cent per annum” according to Rubicon. But it is not all smooth sailing. Half of the five year returns are negative, with an average return of -0.5 per cent each year over this period. Irish group managed funds posted returns of 4.9 per cent a year on average over the past 10 years, compared with an inflation rate of 1.8 per cent over the same period.