The UK’s town hall pension funds represent one of the country’s biggest pots of retirement assets – more than £250 billion. They also employ many advisers to help them get things right. Unfortunately, those who followed the latest advice have been rewarded with lousy performance.

In Financial News' study of the entire national system, which is made up of 101 funds covering 4.6 million members, the funds with all their portfolio in one basket, or a small number of baskets, significantly outperformed the average.