Following a flood of emails from listeners about last week's discussion on the management fees levied on personal pension pots, Money Box asked whether the performance merits the cost to savers.
Some pointed out that the fees charged on funds are in exchange for the professional management of people's savings.
But figures from independent financial advisors Bestinvest show that less than half of actively managed funds, with the same manager for at least five years, have outperformed the market over that time.
We put the results to the chief executive of the Investment Management Association, Dick Saunders.
This item was first broadcast on Radio 4's Money Box on Saturday, 3 October 2009.