Cyprus's pension funds, which have about half their assets in cash, are waiting to see how hard they will be hit by their country's unprecedented levy on bank deposits, as negotiations continue over the island's €10bn EU bailout.

As currently drafted, the levy could hit the island's domestic savers with a potential triple-whammy, according to Stephan Cronje, a director of Cronje & Yiannas Actuaries and Consultants, a Nicosia-based pensions advisory firm.