I'm interested in evaluating pension funds and was looking at some past performance figures. In particular these funds (see page 35).
When I look at these figures, how does this relate to what I would have received as a return as an average investor? For instance, the Ethical Fund had a 20.64% performance in 2015. If I'd had money invested in this fund, would I have seen a 20.64% (minus charges) increase? Is it that clear cut?
I'm aware that past performance is no indication of... etc. I'm also not asking for opinions on this particular provider (NEST). I'm just trying to make sense of the published figures in a hypothetical model.