A study commissioned by the Financial Times appeared to show a striking disparity between the fees paid by local authority pension funds, which manage some £180bn on behalf of 4.6m people.

Though it said direct comparisons are difficult as fees can depend on the investment strategy, a striking example highlighted that one fund’s charges were almost three times as much as another’s, despite the funds’ size, allocations and performance being roughly the same.

The research, conducted by London consultancy Investor Data Services, showed the disparity in charges between the £2.68bn Devon scheme and the £2.62bn pension run for Staffordshire which, over the last decade, had gained 6% and 5.7% respectively.

The FT said the findings will amplify calls for greater transparency.