Research by WM, the performance measurer, shows most UK pension scheme trustees cost their schemes dearly by sacking fund managers just as they are about to outperform.
Alistair MacDougall, an executive director with WM, said: "We have demonstrated that standard industry practice generally leads to underperformance of appropriate benchmarks. Changing an investment manager is one of the most important decisions that pension fund trustees are liable to make and most are unsuccessful."
