The average return from Managed pension funds for the first six months of this year is 19.4 per cent before charges, with the top performer - Eagle Star - achieving a 23.2 per cent return. Over the past 12 months the average return is 16 per cent with Friends Provident's Managed fund the top performer. Eleven of the leading companies are included in the latest Buck Consultants survey of Managed pension funds, the largest and most common investment destination for pension contributions. The Buck five-year survey result shows that Eagle Star, Friends Provident and Standard Life have been the most consistent performers over the period with Irish Life the only company to consistently perform below the average though Canada Life's one and three year returns also stand out from among a fairly level playing pitch of fund managers.

Pension fund investors should be aware that these figures do not represent the cash value of their funds at retirement since they do not include bid-offer spreads or initial sales charges, including commission. Real returns will be several percentage points lower.