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 Fund		2376.4	2501.5		14.80	0.60%	28/08/2008
Pension Stock Exchange Fund		549.2	578.2		3.20	0.56%	28/08/2008
Pension UK Equity Fund		3811.7	4012.4		30.30	0.76%	28/08/2008
Pension Fixed Interest Fund		1288.2	1356.1		-0.90	-0.07%	28/08/2008
Pension Index-Linked Fund #		796.1	838.0		-1.70	-0.20%	28/08/2008
Pension International Fund		1620.7	1706.0		4.80	0.28%	28/08/2008
Pension Cautious Managed Fund		182.4	192.1		0.60	0.31%	28/08/2008
Pension North American Fund		375.8	395.6		-0.30	-0.08%	28/08/2008
Pension European Fund		539.0	567.4		4.00	0.71%	28/08/2008
Pension Far East Fund		178.4	187.8		0.80	0.43%	28/08/2008
Pension Property Fund		1574.5	1657.4		-3.30	-0.20%	28/08/2008
Pension Protection Fund		223.8	235.6		-0.30	-0.13%	28/08/2008
Pension Japanese Fund		77.5	81.6		-0.70	-0.85%	28/08/2008
Pension Pacific Basin Fund		353.6	372.3		3.80	1.03%	28/08/2008
Pension Sterling Fund		166.3	175.1		0.00	0.00%	28/08/2008
Pension FTSE* Tracker Fund		133.3	140.4		1.20	0.86%	28/08/2008
Pension Ethical Fund		147.9	155.7		0.80	0.52%	28/08/2008
Pension Cash Fund ++		788.6	830.2		0.20	0.02%	28/08/2008

++ 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 28/08/2008. 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.