This report reviews the 1800 or so unit linked mainstream pension funds that are available to UK savers. It takes a ten year view, covering the period up to 31st August 2009, effectively a review of the first decade of the new millennium.

The report is a damning indictment of the state of this market, revealing a number of very striking conclusions; the main thrust of which is the management of funds in this area has left pension savers in an invidious position. Just one figure of the many we have found demonstrates this: the combined increase in value of all pension funds over the past ten years* is a paltry 21.8%. This is very roughly 2% per year: this is the combined effort of the pension fund industry measured as a weighted return to their policy and plan holders.