The troubled Equitable Life saw its sterling with-profits fund achieve a total return of 2.7% for the year to 31 December 2000, beating the WM UK pension funds median of -1.8%.

The positive and top quartile return is consistent with that of other value managers. UBS-owned Phillips & Drew achieved 7.2%, Bank of Ireland made 5.3% on its pooled, balanced funds, compared to an estimated median of -3.1%. The finalised median from Caps, the UK performance measurer of pension fund managers' pooled funds will be revealed on Monday.