Pension investors who have placed funds in Irish Life's Secured Performance Fund (SPF) are to receive a return on their investment of 14.3 per cent gross this year, according to the company. The gross rate is before deduction of management charges.

Over £100 million (€127 million) has been invested in this fund since it was set up four years ago and Irish Life expects investment inflows of about £30 million in the current year.

The SPF is unusual because it guarantees the growth rate for the year each January. This rate is set by spreading excess gains or losses achieved in any one year over future years and by anticipating the likely investment performance for the year in question.

Since the fund was set up, the guaranteed annual growth rates have been: 1996, 8.5 per cent; 1997, 9.9 per cent; 1998, 14 per cent; 1999, 14.4 per cent. The fund is guaranteed never to have negative growth rates.