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-fundsTarget weights
UK Equity Index Sub-Fund15.250%
North America Equity Index Sub-Fund15.250%
Europe ex UK Equity Index Sub-Fund15.250%
Japan Equity Index Sub-Fund7.625%
Asia Pacific ex Japan Equity Index Sub-Fund7.625%
Emerging Market Equity Sub Fund5.000%
SPDR Multi Asset Global Infrastructure ETF7.000%
SPDR Global Real Estate ETF7.000%
Sterling Corporate Bond All Stocks Index Sub-Fund5.000%
UK Conventional Gilts All Stocks Index Sub-Fund5.000%
Global Aggregate Bond Index Sub Fund (Hedged to GBP)10.000%


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-fundsTarget weights
UK Equity Index Sub-Fund11.43750%
North America Equity Index Sub-Fund11.43750%
Europe ex UK Equity Index Sub-Fund11.43750%
Japan Equity Index Sub-Fund5.71875%
Asia Pacific ex Japan Equity Index Sub-Fund5.71875%
Emerging Market Equity Sub Fund3.75000%
SPDR Multi Asset Global Infrastructure ETF5.25000%
SPDR Global Real Estate ETF5.25000%
Sterling Corporate Bond All Stocks Index Sub-Fund10.00%
UK Conventional Gilts All Stocks Index Sub-Fund10.00%
Global Aggregate Bond Index Sub Fund (Hedged to GBP)20.00%


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-fundsTarget weights
UK Equity Index Sub-Fund19.06250%
North America Equity Index Sub-Fund19.06250%
Europe ex UK Equity Index Sub-Fund19.06250%
Japan Equity Index Sub-Fund9.53125%
Asia Pacific ex Japan Equity Index Sub-Fund9.53125%
Emerging Market Equity Sub Fund6.25000%
SPDR Multi Asset Global Infrastructure ETF8.75000%
SPDR Global Real Estate ETF8.75000%


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-fundTarget weights
State Street World ESG Index Equity Fund100%

Most of the sub-fund’s assets will be invested in the B Share Class (ISIN: LU1159235529) of the State Street World ESG Index Equity Fund (the ‘ESG Fund’), a sub-fund of State Street Global Advisors Luxembourg SICAV. The aim of the ESG Fund is to track the performance of the MSCI World ESG Universal Index.

MSCI World ESG Universal Index

The Ethical Fund tracks the MSCI World ESG Universal Index. Unlike a standard index which looks at the size of the company, the ESG Universal Index adjusts the size of its holding, increasing it where a company shows a robust or improving ESG profile. Where the profile is weaker the holdings are reduced or excluded.

Companies involved in the production of controversial weapons such as landmines are not invested in.

Filtering companies based on their existing ESG profile is only part of the investment process. The asset manager has a dedicated team of ESG analysts who contribute to their wider stewardship activities. This includes the use of voting rights but also working with companies to develop their processes and policies, securing future improvements.

Download the State Street World Index Equity Fund monthly holdings pdf 


Shariah Fund – high risk

Shariah Fund

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-fundTarget weights
HSBC Amanah Global Equity Index Fund (Class YCGBP)100%

The B&CE Shariah Fund aims to offer investors the opportunity to grow their money in line with the performance of the Dow Jones Islamic Titans 100 Index (Total Return). This is a higher-risk fund investing in company shares from around the world and is compliant with Islamic Shariah principles. It invests all of its assets in the HSBC Amanah Global Equity Index.

The HSBC Amanah Global Equity Index Fund aims to create a long-term appreciation of capital through investment in a diversified portfolio of securities as defined by a relevant world index, which meets Islamic investment principles as interpreted and laid down by the Shariah Committee and provided to the Board of Directors.

HSBC Amanah Global Equity Index Fund is a pooled fund that offers investors exposure to the largest 100 companies engaged in Shariah-compliant activities globally.

What is a Shariah-compliant investment?

Islam as a religion does not discourage the pursuit of profit through legitimate economic activities, provided that these activities are within certain boundaries defined by Islamic law. In particular, the HSBC Shariah Supervisory Committee has approved investment in listed companies, provided that these companies are not engaged in activities that go against the tenets of Islam and provided any non-Shariah compliant revenue earned through investment in these companies is ‘purified’.

On an on-going basis, the HSBC Shariah Supervisory Committee is called to certify that the activities of the Fund continue to abide by the guidelines set for acquiring, holding and disposing of investments.

What activities are excluded?

The Fund does not invest in shares of companies whose primary activity involves any of the following goods or services:

  • Alcohol
  • Tobacco
  • Pork-related products
  • Weapons & defence
  • Entertainment
  • Conventional financial services

In addition, the Fund does not invest in companies with levels of borrowings and financial assets beyond levels deemed tolerable by the Shariah Supervisory Committee.

Who is HSBC Amanah?

HSBC Amanah is the Islamic financial services division of the HSBC Group responsible for the development of Islamic financial products. Headquartered in Dubai with regional offices in London, New York, Riyadh, Kuala Lumpur, Dhaka and Jakarta.

HSBC Amanah is uniquely positioned to understand, structure and deliver financial solutions that are compatible with the requirements of Shariah (Islamic law).

The B&CE Shariah Fund is managed by HSBC

Download the HSBC Fund’s voting record


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-fundsTarget weights
UK Equity Index Sub-Fund3.81250%
North America Equity Index Sub-Fund3.81250%
Europe ex UK Equity Index Sub-Fund3.81250%
Japan Equity Index Sub-Fund1.90625%
Asia Pacific ex Japan Equity Index Sub-Fund1.90625%
Emerging Market Equity Sub Fund1.25000%
SPDR Multi Asset Global Infrastructure ETF1.75000%
SPDR Global Real Estate ETF1.75000%
UK Conventional Gilts All Stocks Index Sub-Fund15.00%
Sterling Corporate Bond All Stocks Index Sub‑Fund15.00%
Global Aggregate Bond Index Sub Fund (Hedged to GBP)30.00%
SSgA GBP Liquidity Fund20.00%


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-fundsTarget weights
Sterling Non-Gilts Bond Over 15 Years Index Sub-Fund70.0%
UK Conventional Gilts Over 15 Years Index Sub-Fund15.0%
UK Conventional Gilt Dec 2055 Index Sub-Fund10.0%
UK Conventional Gilt Jan 2060 Index Sub-Fund5.0%


Cash Fund – low risk

Cash Fund pension 100%

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-fundsTarget weight
SSgA GBP Liquidity Fund100.0%

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 wont 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) a 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 to give it 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.