Glasgow Investment Managers has topped the latest UK pension fund performance rankings with as funds record an average return of 15% over the past 11 months. Allianz Dresdner Asset Management (Adam) came last.

The statistics on balanced, pooled pension fund performance up to the end of November, compare to an average fund return of -14.7% for the same period last year, according to HSBC Actuaries and Consultants' latest Image survey.