71.   As with insurance companies, pension funds are tremendously important to the efficient working of the secondary market of the Stock Exchange.

72.   If this trend continues, then pension funds, for example, will steadily off-load domestic equities in favour of European and other stocks.

73.   Pension funds have used property unit trusts as a cheap method of diversifying into the property market, without the problems associated with actually dealing in the properties themselves.

74.   Pension funds must gain approval from the Superannuation Funds Office -- part of the Inland Revenue -- to gain the tax advantages relevant to pension funds.

75.   There has been a certain degree of controversy in recent years over the practice of self-investment by pension funds.

76.   A recurring complaint from industry has been that pension funds are too short-term orientated, to the detriment of the companies in whose shares they deal.

77.   Captive funds -- generally subsidiaries of the large UK insurance companies, banks and pension funds, which provide them with capital for investment.

78.   UK pension funds are the largest provider of capital to venture funds.

79.   They raise funds for these purposes by borrowing mainly from wholesale banks, taking deposits from insurance companies, pension funds, companies and some private individuals.

80.   In addition there are pension funds, insurance companies, large companies, finance houses, discount houses.