The MSCI/IPD database is the predominant reference point for peer and relative benchmarking in the UK but funds also apply an absolute benchmark approach. Absolute benchmarks take the form of inflation plus a target, typically between 2-7%   The recent past has seen the emergence of a willingness to alter benchmarks more often.  Increasing short-termism and the transformation of market fundamentals in the aftermath of the GFC have led to a re-appraisal.  In addition traditional indices are no longer true representations of the market given substantial inward investment.  Questions are now whether the nature of existing benchmarks are fit for purpose.