Investment funds
Read about our investment funds and compare their past performances
Our investment funds
We package groups of investments into funds that are typically a mixture of shares from around the world and bonds and gilts. The exact make-up of a member’s investment depends on which fund (or investment profile) they are in and may depend on their age.
For those with more confidence in investing, rather than choosing one of our 3 investment profiles (or remaining in our default investment profile) – members can decide for themselves where their pension savings are invested if they want to, by choosing from our investment funds.
We classify our investment funds by risk – so that members can see which of them have the potential for higher returns, and which of them may remain more stable.
Members can specify what percentage they want to put in each fund (except the Shariah Fund, which has to be all in).
Discover our funds…
Global Investments (up to 85% shares) Fund – high/medium risk

This fund combines the long-term growth potential of UK and Global Equity with the relative security provided by Gilts and Corporate Bonds.
There’s potential for long-term growth with some security.
More about our Global Investments (up to 85% shares) Fund
Composite sub-funds | Target weights |
UK ESG Screened Index Equity Sub-Fund | 5.04% |
North America ESG Screened Index Equity Sub-Fund | 5.04% |
Europe ex UK ESG Screened Index Equity Sub-Fund | 5.04% |
Japan ESG Screened Index Equity Sub-Fund | 2.52% |
Asia Pacific ex Japan ESG Screened Index Equity Sub-Fund | 2.52% |
Emerging Markets ESG Screened Index Equity Sub-Fund | 5.00% |
World Adaptive Capping ESG Screened Index Equity Sub-Fund | 24.00% |
Multi Factor Low Carbon ESG Sub-Fund | 16.80% |
Global Real Estate Index Sub‐Fund | 7.00% |
Multi-Asset Global Infrastructure Sub-Fund | 7.00% |
Sterling Liquidity Sub-Fund | 0.04% |
UK Conventional Gilts All Stocks Index Sub-Fund | 3.00% |
Sterling Corporate Bond All Stocks ESG Screened Index Sub-Fund | 3.00% |
US Treasury (100% Hedged) Bond Index Sub-Fund | 4.00% |
Global Aggregate Bond Index (Hedged to GBP) Sub-Fund | 10.00% |
Please note that these are target weights as of 31 March 2023. The actual amounts invested in each sub-fund may differ due to market movements or at the discretion of the Trustee.
Global Investments (up to 60% shares) Fund – medium risk

This fund invests in a combination of shares and bonds.
There’s potential for moderate growth over the long term.
More about our Global Investments (up to 60% shares) Fund
Composite sub-funds | Target weights |
UK ESG Screened Index Equity Sub-Fund | 3.78% |
North America ESG Screened Index Equity Sub-Fund | 3.78% |
Europe ex UK ESG Screened Index Equity Sub-Fund | 3.78% |
Japan ESG Screened Index Equity Sub-Fund | 1.89% |
Asia Pacific ex Japan ESG Screened Index Equity Sub-Fund | 1.89% |
Emerging Markets ESG Screened Index Equity Sub-Fund | 3.75% |
World Adaptive Capping ESG Screened Index Equity Sub-Fund | 18.00% |
Multi Factor Low Carbon ESG Sub-Fund | 12.60% |
Global Real Estate Index Sub‐Fund | 5.25% |
Multi-Asset Global Infrastructure Sub-Fund | 5.25% |
Sterling Liquidity Sub-Fund | 0.03% |
UK Conventional Gilts All Stocks Index Sub-Fund | 6.00% |
Sterling Corporate Bond All Stocks ESG Screened Index Sub-Fund | 6.00% |
US Treasury (100% Hedged) Bond Index Sub-Fund | 8.00% |
Global Aggregate Bond Index (Hedged to GBP) Sub-Fund | 20.00% |
Please note that these are target weights as of 31 March 2023. The actual amounts invested in each sub-fund may differ due to market movements or at the discretion of the Trustee.
Global Investments (up to 100% shares) Fund – high risk

This is a higher risk fund that aims to achieve long-term capital growth by primarily investing across the UK and overseas equity markets.
The fund may hold additional diversifying asset classes.
More about our Global Investments (up to 100% shares) Fund
Composite sub-funds | Target weights |
UK ESG Screened Index Equity Sub-Fund | 6.30% |
North America ESG Screened Index Equity Sub-Fund | 6.30% |
Europe ex UK ESG Screened Index Equity Sub-Fund | 6.30% |
Japan ESG Screened Index Equity Sub-Fund | 3.15% |
Asia Pacific ex Japan ESG Screened Index Equity Sub-Fund | 3.15% |
Emerging Markets ESG Screened Index Equity Sub-Fund | 6.25% |
World Adaptive Capping ESG Screened Index Equity Sub-Fund | 30.00% |
Multi Factor Low Carbon ESG Sub-Fund | 21.00% |
Global Real Estate Index Sub‐Fund | 8.75% |
Multi-Asset Global Infrastructure Sub-Fund | 8.75% |
Sterling Liquidity Sub-Fund | 0.05% |
Please note that these are target weights as of 31 March 2023. The actual amounts invested in each sub-fund may differ due to market movements or at the discretion of the Trustee.
Ethical Fund – high risk

This fund invests 100% in Global Shares.
The fund’s investments are weighted towards companies that demonstrate a strong track record of managing environmental, social and governance (‘ESG’) risks and opportunities.
Companies who are involved in the production of controversial weapons, including cluster munitions, landmines and biological weapons are excluded.
More about our Ethical Fund
Composite sub-fund | Target weights |
State Street World ESG Index Equity Fund | 100% |
The People’s Pension Ethical Fund is weighted towards companies that demonstrate a strong track record of managing environmental, social and governance (‘ESG’) risks and opportunities.
The fund does this in 2 ways:
- It excludes any investments in companies involved in controversial weapons, or in a recent very severe ESG controversy (eg human rights, labour rights, or the environment).
- It uses research by a market leading firm in ESG research, MSCI, to give a score for each company that it invests in based on a wide range of criteria covering everything from how much a company pollutes, to its record on human rights.
Companies will then be compared against other similar companies, for example, supermarkets against other supermarkets. We then choose to reduce the amount invested in firms that score badly and invest more in firms that score well.
If you’d like to know more about this, read our full explanation.
Shariah Fund – high risk

This fund is invested in 100% global equities – it invests all of its assets in the HSBC Amanah Global Equity Index.
This is a higher risk fund investing in company shares from around the world and is compliant with Islamic Shariah principles.
If you select the Shariah Fund, you’ll need to invest all your pension savings with us in this fund.
More about our Shariah Fund
Composite sub-fund | Target weights |
HSBC Amanah Global Equity Index Fund (Class YCGBP) | 100% |
The Shariah Fund is for those members who wish their pension pot to be invested in line within the principles of Islamic law and are comfortable investing in a higher risk fund than our default fund. The fund excludes investments in companies providing goods and services such as alcohol, tobacco, and gambling that are deemed as inconsistent with Shariah law.
The Shariah Fund is a higher risk fund and invests in a smaller number of companies compared to our other funds. This concentration makes the fund, and your pension pot more likely to have large movements in value (both up and down).
If you’d like to know more about this, read our full explanation.
Pre-Retirement Fund – medium/low risk

This fund is suitable for those approaching retirement who don’t yet know how they will use their pension savings.
It provides a balance between capital growth and capital preservation.
More about our Pre-Retirement Fund
Composite sub-funds | Target weights |
UK ESG Screened Index Equity Sub-Fund | 1.26% |
North America ESG Screened Index Equity Sub-Fund | 1.26% |
Europe ex UK ESG Screened Index Equity Sub-Fund | 1.26% |
Japan ESG Screened Index Equity Sub-Fund | 0.63% |
Asia Pacific ex Japan ESG Screened Index Equity Sub-Fund | 0.63% |
Emerging Markets ESG Screened Index Equity Sub-Fund | 1.25% |
World Adaptive Capping ESG Screened Index Equity Sub-Fund | 6.00% |
Multi Factor Low Carbon ESG Sub-Fund | 4.20% |
Global Real Estate Index Sub‐Fund | 1.75% |
Multi-Asset Global Infrastructure Sub-Fund | 1.75% |
Sterling Liquidity Sub-Fund | 20.01% |
UK Conventional Gilts All Stocks Index Sub-Fund | 9.00% |
Sterling Corporate Bond All Stocks ESG Screened Index Sub-Fund | 9.00% |
US Treasury (100% Hedged) Bond Index Sub-Fund | 12.00% |
Global Aggregate Bond Index (Hedged to GBP) Sub-Fund | 30.00% |
Please note that these are target weights as of 31 March 2023. The actual amounts invested in each sub-fund may differ due to market movements or at the discretion of the Trustee.
Annuity Fund – medium/low risk

This fund is suitable for those approaching retirement and looking to buy an annuity (a regular income, usually for life).
It aims to protect against the effect of falls in the level of annuity rates.
More about our Annuity Fund
Composite sub-funds | Target weights |
Sterling Non-Gilts Bond Over 15 Years ESG Screened Index Sub-Fund | 70.00% |
UK Conventional Gilts Over 15 Years Index Sub-Fund | 15.00% |
UK Conventional Gilt Dec 2055 Index Sub-Fund | 10.00% |
UK Conventional Gilt Jan 2060 Index Sub-Fund | 5.00% |
Please note that these are target weights as of 31 March 2023. The actual amounts invested in each sub-fund may differ due to market movements or at the discretion of the Trustee.
Cash Fund – low risk

This fund invests in short-term money market investments and fixed deposits and is used to maintain the value of your pension savings.
More about Cash Fund
Composite sub-funds | Target weight |
SSgA GBP Liquidity Fund | 100% |
Fund unit prices
How to self select from our investment funds
If you want to decide for yourself where your pension savings are invested, you can choose from our investment funds through your Online Account.
If you’re a member…
If you choose your funds yourself, your money won’t automatically move into lower-risk investments as you approach retirement. That means you’ll need to make sure you regularly review the funds you’ve selected (and your attitude to investment risk) as you near retirement. Alternatively, you can pick from one of our 3 investment profiles.
Trying to decide what option suits you best?
If you’re a member of The People’s Pension and you’re trying to decide which investment option will suit you best, it’s important to know that the value of investment funds will move up and down depending on how well they’re performing.
Different types of investments move up and down in value in different ways. Some move sharply and can be unpredictable, others move less abruptly and remain relatively stable. This movement is called volatility and some investments are more volatile than others.
Past performance of investments doesn’t guarantee or act as a guide to future performance.
Investing your pension
We invest your money so it has a better chance of being worth more in the long run.
Responsible investment
We aim to be responsible investors of our members’ assets.
Investment downloads
Download our fund factsheets, Statement of Investment Principles and more.