Workplace pension fund performance – 2026

The following two interactive charts are an overview of the overall best and worst performing funds from the almost 13,000 funds we analysed in total. Use the ‘Best performing’ and ‘Worst performing’ buttons to toggle between them.

The first chart shows the top 15 performing funds – and the 15 funds with the worst performance figures – by average annual returns (from however much data we have for a fund, up to a maximum of 20 years).

This second chart shows the top 15 performing funds – and the 15 funds with the worst performance figures – from cumulative returns over 5 years.

The following chart shows the 15 best performing, and the 15 worst performing ‘high risk’ category funds, by average annual return from the longest period of data we have for the fund (up to a maximum of 20 years):

This second chart shows the top 15 performing funds – and the 15 funds with the worst performance figures – from cumulative returns over 5 years.

The following chart shows the 15 best performing, and the 15 worst performing ‘medium-high risk’ category funds, by average annual return from the longest period of data we have for the fund (up to a maximum of 20 years):

This second chart shows the top 15 performing funds – and the 15 funds with the worst performance figures – from cumulative returns over 5 years.

The following chart shows the 15 best performing, and the 15 worst performing ‘medium risk’ category funds, by average annual return from the longest period of data we have for the fund (up to a maximum of 20 years):

This second chart shows the top 15 performing funds – and the 15 funds with the worst performance figures – from cumulative returns over 5 years.

The following chart shows the 15 best performing, and the 15 worst performing ‘medium-low risk’ category funds, by average annual return from the longest period of data we have for the fund (up to a maximum of 20 years):

This second chart shows the top 15 performing funds – and the 15 funds with the worst performance figures – from cumulative returns over 5 years.

The following chart shows the 15 best performing, and the 15 worst performing ‘low risk’ category funds, by average annual return from the longest period of data we have for the fund (up to a maximum of 20 years):

This second chart shows the top 15 performing funds – and the 15 funds with the worst performance figures – from cumulative returns over 5 years.

When were returns recorded?

Returns were recorded on 31st December 2025.

For figures up to the current date, please consult data available from the platforms. As pensions are a long-term investment, however, savers should be aware that it is important to look at performance over at many years, and not to make decisions that could affect their financial wellbeing at retirement based on short-term market movements.

Which funds did we analyse?

In total, we analysed the performance of 12,983 pension funds available to UK savers.

The funds analysed collectively hold more than £1trn of UK retirement savers’ money.

Which funds did we not analyse?

We have only analysed Defined Contribution (DC) pensions. While some of the largest funds in the UK are actually Defined Benefit (DB – also known as Final Salary Pension) funds, the majority of these are now closed to new entrants. In the case of some DB schemes, it is not possible to transfer out, and in all cases, transferring out of a Defined Benefit (DB) pension scheme to a defined contribution (DC) scheme is something that must be considered very carefully only with the help of a qualified financial advice professional. Giving up a DB pension typically means giving up a guaranteed income for life and replacing it with a pension that could rise or fall in value.

To be included in the analysis, the fund also needed to have been established for at least 5 years. Pensions are long-term investments and it is not possible to fairly judge whether performance objectives are being met over any lesser period than 5 years.

Do these figures include fees?

All data is net of the following fees: AMC (Annual Management Charge) and OCF/TER (Ongoing Charges Figure/Total Expense Ratio). However, please note that data is not net of additional fees levied by platforms.

Why do we do this analysis?

It’s important for people to engage with their pension because small decisions made early — or ignored entirely — can make a very large difference to their standard of living in retirement.

Two people with the same pot size can have very different outcomes depending on how their money is invested. Looking at performance helps savers see:

• Whether their fund is growing as expected
• Whether the level of risk someone is exposed to suits their age and time horizon

Without these insights, savers could be taking too much risk — or not enough.

In short, if you are in a workplace pension, having access to this kind of information could result in thousands of pounds more at retirement. It could even help you retire sooner.

Even using these measures, it’s important to note that not all funds within a category will have the same objectives.

Some fund managers will be using other benchmarks, such as returns a certain percentage above the Consumer Price Index, or to beat a particular index such as the FTSE 100, for example. Some have very vague measures of success, such as ‘the prospect of capital growth over the long term’, which is why we have not used funds’ own objectives as our main benchmark.

To view fund objectives, you’ll need to view the fund factsheet providers are obliged to produce for each fund.

The following are good questions to ask when selecting a fund:

• What is the objective of this fund?
• Does meeting that aim help me achieve my financial and retirement goals?
• Has the fund been meeting the goals it has set itself?
• How is this fund performing in relation to other funds in the same category?
• Is the fund meeting my expectations for performance?

We always recommend seeking help from an Independent Financial Advisor or Independent Financial Planner if you have any questions around the suitability of funds and pension plans for your retirement goals and financial circumstances.

A significant majority of UK workplace pension savers are enrolled in their provider’s default investment fund. For instance, in the National Employment Savings Trust (NEST), the UK’s largest workplace pension provider, 99% of members are invested in the default fund. Similarly, The People’s Pension reports that 98.61% of its members are in the default fund.

However, default funds are based on the likely best interests of the ‘average’ pension saver. They do not consider individual aspirations for retirement, or individual attitudes towards risk, which could vary widely from person to person.

Many savers remain in default funds that may be:

• Overly cautious
• Expensive
• Not well suited to their circumstances

Helping people understand and engage with their pensions allows people to challenge ‘set and forget’ defaults funds that may quietly drag on outcomes over decades.

For all press enquiries, please contact: antonia@investinginsiders.co.uk