E92 325i down on power - timing retarded?

[TheGreatSoprendo]

Travelled back from South Wales to Sussex this evening and noticed the car seemed low on power. It would cruise at normal motorway speeds no problem and the engine seemed to be running ok in that it sounded fine and was a smooth as ever. It was just under acceleration that it felt very noticably more sluggish than usual.

When I got home, I plugged in my cheapo OBDII diagnistic device and under "pending codes" (whatever that means) it said "B camshaft Position Timing Over Retarded Bank 1".

Any ideas what could be causing this?

Edited by TheGreatSoprendo on Monday 26th June 22:30