Pension Investment Funds

The Pension Investment Funds are available to investors in the Flexible Pension Plan (FPP), personal pensions (s226), FSAVCs (Free Standing Additional Voluntary Contribution Schemes) and Section 32 (Transfer Plan).

Please note the following funds are no longer open to new investment business for Flexible Pension Plan (FPP) customers:

• Pension Cash Fund
• Pension Far East Fund

To view fund information in the form of a fact sheet simply click on the name of the fund shown. Please note that these fact sheets are provided in PDF format. Should you wish to view the fact sheets, you must have Adobe Acrobat Reader.

The fund descriptions are intended for individuals who are familiar with investment terminology. Please contact your financial adviser if you need an explanation of the terms used.

Values shown are displayed in pence.

Fund	Graph	Sell	Buy	Daily Change			Change Date
Pension Managed Cash Fund		94.9	99.9		0.00	0.00%	02/09/2010
Pension Managed Fund		2529.9	2663.1		38.90	1.48%	02/09/2010
Pension Stock Exchange Fund		584.6	615.4		10.00	1.65%	02/09/2010
Pension UK Equity Fund		3814.4	4015.2		109.90	2.81%	02/09/2010
Pension Fixed Interest Fund		1584.3	1667.7		-1.70	-0.10%	02/09/2010
Pension Index-Linked Fund #		856.8	901.9		-8.70	-0.96%	02/09/2010
Pension International Fund		1712.7	1802.9		20.90	1.17%	02/09/2010
Pension Cautious Managed Fund		206.6	217.5		1.70	0.79%	02/09/2010
Pension North American Fund		387.0	407.4		-1.30	-0.32%	02/09/2010
Pension European Fund		530.3	558.3		17.90	3.31%	02/09/2010
Pension Far East Fund		219.8	231.4		2.50	1.09%	02/09/2010
Pension Property Fund		1499.2	1578.2		-1.10	-0.07%	02/09/2010
Pension Protection Fund		273.7	288.2		-2.40	-0.83%	02/09/2010
Pension Japanese Fund		76.4	80.5		0.60	0.75%	02/09/2010
Pension Pacific Basin Fund		473.8	498.8		6.10	1.24%	02/09/2010
Pension Sterling Fund		172.9	182.1		0.10	0.06%	02/09/2010
Pension FTSE* Tracker Fund		139.8	147.2		3.90	2.72%	02/09/2010
Pension Ethical Fund		155.6	163.8		2.60	1.61%	02/09/2010
Pension Cash Fund ++		798.5	840.6		0.00	0.00%	02/09/2010

++ The Pension Cash Fund was closed to new business on 19 August 1996.

# The Pension Index-Linked Fund is only available for switches from existing business. It is not available as an investment option for new business.

* FTSE

*FTSE International Limited ("FTSE") does not sponsor, endorse, or promote this fund. All copyright in the index values and constituent list vests in FTSE. Standard Life Assurance Limited has obtained licence from FTSE to use such copyright in the creation of this fund. "FTSE®" is a trade mark jointly owned by the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under licence.

About These Prices

The price shown is the price at which units in each of the Investment Funds are both bought and sold on 02/09/2010. These prices are for information purposes only. For more information on the actual unit prices that will be used when a transaction is carried out please contact us.

Your Investment

The value of your investment can go down as well as up. The sterling value of overseas assets in these funds may also rise and fall as a result of exchange rate fluctuations. In exceptional circumstances, a request to change funds or transfer benefits may be deferred for up to one month for investments in the investment-linked funds or six months for the Property Fund.