U.K. pension plans are progressing in meeting asset allocation and clear objective principles put forth in the 2001 Myners Report, according to results of a joint survey of schemes published today. Appropriate benchmarks, another Myners principle, was either heavily considered or acted upon. Larger schemes are faring best, the report said. Plans made the least progress in measuring the performance of investment consultants and trustees, and in shareholder activism. Also, 18% of respondents said they didn't take any action or consider taking any action following the first report. "There is still considerable work to be done," according to today's report from the U.K. government's Department for Work and Pensions and the HM Treasury, which examined how pension scheme trustees make investment decisions and how practices have changed in response to the Myners Report. "The survey confirms that investment governance remains a key issue for the industry and that there is a correlation between the progress made on Myners' principles with the size of governance budgets," said Nick Watts, head of European Investment Consulting at Watson Wyatt Worldwide.