The Sunday Times examines UK pension fund performance near retirement.

As savers approach state pension age, investment decisions can have lasting consequences for retirement income. 

Independent analysis published in The Sunday Times highlights how workplace pension default funds have struggled to deliver meaningful growth in the years leading up to retirement.

The findings point to a common challenge: de-risking too early can reduce exposure to growth assets and limit long-term retirement outcomes.

Against this backdrop, the SEI Master Trust’s Flexi Default strategy stands out. The fund delivered a 9.5% annualised return over the five years to March 2026—outperforming the broader industry, where many widely used funds delivered significantly lower returns. The Sunday Times characterises the fund's performance as 'impressive’.

The analysis underscores a broader point: retirement is not a finish line. Investment strategies must balance stability with continued growth to support savers over the long term.

Important information

This article is reprinted with permission from The Sunday Times. The content reflects the views of the author and does not constitute investment advice or a recommendation. 

This is a marketing communication. This webpage has been created in relation to the SEI Master Trust, an occupational pension scheme which is authorised by the Pensions Regulator. The trustee of the SEI Master Trust is SEI Trustees Limited. SEI Trustees Limited has appointed SEI Investments (Europe) Ltd (“SIEL”) as investment adviser to the SEI Master Trust and pursuant to its investment advisory agreement. This information is issued and approved by SEI Investments (Europe) Ltd (“SIEL”) 1st Floor, Alphabeta, 14-18 Finsbury Square, London EC2A 1BR. This advert and its contents are directed at persons who have been categorised by SIEL as a Professional Client and are not for further distribution. SIEL is authorised and regulated by the Financial Conduct Authority. While considerable care has been taken to ensure the information contained within this webpage is accurate and up-to-date and complies with relevant legislation and regulations, no warranty is given and no representation is made as to the accuracy or completeness of any information and no liability is accepted for any errors or omissions in such information or any action taken on the basis of this information. The information in this webpage is for general information purposes only and does not constitute investment advice. You should read all the investment information and details on the funds before making investment choices. Please refer to our latest Prospectus (which includes information in relation to the use of derivatives and the risks associated with the use of derivative instruments), Key Investor Information Document, PRIIPs KID, Summary of UCITS Shareholder rights (which includes a summary of the rights that shareholders of our funds have) and the latest Annual or Semi-Annual Reports for more information on our funds, which can be located at Fund Documents (https://seic.com/en-gb/fund-documents). And you should read the terms and conditions contained in the Prospectus (including the risk factors) before making any investment decision. If you are in any doubt about whether or how to invest, you should seek independent advice before making any decisions. The UCITS may be de-registered for sale in an EEA jurisdiction in accordance with the provisions of the UCITS Directive. Past performance does not predict future returns. Investment in the range of the SEI Master Trust’s funds is intended as a long-term investment. The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested. This document and its contents are for Institutional Investors only and not for further distribution.