Launched in 1995, it has remained in the top quartile over the past five years.

Speaking yesterday, Andy Agar, the head of retirement product development at Legal & General said he believed the fund to be relatively “attractive to today’s cautious pension investors”, who are “seeking to secure their future pension income” as it offers a “balance of investments across a range of asset classes.”

“Consumer confidence in the stock market has been damaged and so one of the major concerns for pension customers is a relatively safe haven for their pension funds,” said Mr Agar.

Since 1995 the Pension Distribution Fund has grown to over £90 million and has an average annual return of 7.4 per cent. It is based on a mix of investment holdings in equities, fixed interest securities and property.