how much is that pep going to cost me?

These are the cheapest and most expensive PEPs surveyed (69 funds) in the UK equity sector. All figures are projected into the future from September 1998 and assume a pounds 6,000 lump sum PEP investment growing at 9 per cent a year.

These figures are designed to give you a feel for how much your investment will cost. Any investment you make into a PEP will grow at a higher or lower rate than 9 per cent, depending on the manager's expertise and the performance of the market. But it shows that expensive PEPs will have to do brilliantly to make up the shortfall against cheaper rivals. All funds are unit trusts except where indicated (IT = investment trust).

Cheapest after one year

1. Marks & Spencer UK 100 pounds 6,468

2. Virgin UK Index Tracking pounds 6,440

3. Abbey Life Div & Growth pounds 6,410

4. Finsbury Growth (IT) pounds 6,403

5. NPI Special Opportunities pounds 6,350

Most expensive after one year

1. Singer& Friedlander Smlr Cos pounds 5,934

2. Johnson Fry Slater Growth pounds 5,970

3. Family Assurance Charities pounds 5,990

4. Sovereign UK Growth pounds 5,990

5. Societe Generale UK Growth pounds 6,000

Cheapest after 10 years

1. Dresdner RCM UK Growth pounds 13,300

2. Virgin UK Index Tracking pounds 12,800

3. Finsbury Growth (IT) pounds 12,796

4. Marks & Spencer UK 100 pounds 12,720

5. Scottish Equitable pounds 12,600

Most expensive after 10 years

1. Family Assurance Charities pounds 10,410

2. M&G UK Equity Fund pounds 10,505

3. Portfolio UK Growth pounds 10,669

4. Sovereign UK Growth pounds 10,900

5. Smith & Williamson Growth pounds 10,903

Source: 'Money Marketing' product database