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).

The effect of coronavirus

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You may be concerned about reports of market turbulence as a result of the Russia-Ukraine conflict and how this might affect the value of your pension savings. Find out more

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 ESG Screened Index Equity Sub-Fund5.5400%
North America ESG Screened Index Equity Sub-Fund5.5400%
Europe ex UK ESG Screened Index Equity Sub-Fund5.5400%
Japan ESG Screened Index Equity Sub-Fund2.7700%
Asia Pacific ex Japan ESG Screened Index Equity Sub-Fund2.7700%
Emerging Markets ESG Screened Index Equity Sub-Fund5.0000%
World Adaptive Capping ESG Screened Index Equity Sub-Fund22.0000%
Multi Factor Low Carbon ESG Sub-Fund 16.8000%
Global Real Estate Index Sub‐Fund7.0000%
Multi-Asset Global Infrastructure Sub-Fund7.0000%
Sterling Liquidity Sub-Fund0.0400%
UK Conventional Gilts All Stocks Index Sub-Fund5.0000%
Sterling Corporate Bond All Stocks ESG Screened Index Sub-Fund5.0000%
Global Aggregate Bond Index Sub-Fund (Hedged to GBP)10.0000%


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 ESG Screened Index Equity Sub-Fund4.1550%
North America ESG Screened Index Equity Sub-Fund4.1550%
Europe ex UK ESG Screened Index Equity Sub-Fund4.1550%
Japan ESG Screened Index Equity Sub-Fund2.0775%
Asia Pacific ex Japan ESG Screened Index Equity Sub-Fund2.0775%
Emerging Markets ESG Screened Index Equity Sub-Fund3.7500%
World Adaptive Capping ESG Screened Index Equity Sub-Fund16.5000%
Multi Factor Low Carbon ESG Sub-Fund 12.6000%
Global Real Estate Index Sub‐Fund5.2500%
Multi-Asset Global Infrastructure Sub-Fund 5.2500%
Sterling Liquidity Sub-Fund0.0300%
UK Conventional Gilts All Stocks Index Sub-Fund 10.0000%
Sterling Corporate Bond All Stocks ESG Screened Index Sub-Fund10.0000%
Global Aggregate Bond Index Sub-Fund (Hedged to GBP) 20.0000%


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 ESG Screened Index Equity Sub-Fund6.9250%
North America ESG Screened Index Equity Sub-Fund6.9250%
Europe ex UK ESG Screened Index Equity Sub-Fund6.9250%
Japan ESG Screened Index Equity Sub-Fund3.4625%
Asia Pacific ex Japan ESG Screened Index Equity Sub-Fund3.4625%
Emerging Markets ESG Screened Index Equity Sub-Fund6.2500%
World Adaptive Capping ESG Screened Index Equity Sub-Fund27.5000%
Multi Factor Low Carbon ESG Sub-Fund 21.0000%
Global Real Estate Index Sub‐Fund8.7500%
Multi-Asset Global Infrastructure Sub-Fund8.7500%
Sterling Liquidity Sub-Fund0.0500%


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%

The People’s Pension Ethical Fund is for members who want their savings to consider a range of environmental, social and governance (ESG) factors in deciding how much to invest in a company rather than simply the financial factors.

The fund does this in 2 ways:

  1. 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).
  2. 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 by 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 about this, read our full explanation.


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 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-fundsTarget weights
UK ESG Screened Index Equity Sub-Fund1.3850%
North America ESG Screened Index Equity Sub-Fund1.3850%
Europe ex UK ESG Screened Index Equity Sub-Fund1.3850%
Japan ESG Screened Index Equity Sub-Fund0.6925%
Asia Pacific ex Japan ESG Screened Index Equity Sub-Fund0.6925%
Emerging Markets ESG Screened Index Equity Sub-Fund1.2500%
World Adaptive Capping ESG Screened Index Equity Sub-Fund5.5000%
Multi Factor Low Carbon ESG Sub-Fund 4.2000%
Global Real Estate Index Sub‐Fund1.7500%
Multi-Asset Global Infrastructure Sub-Fund1.7500%
Sterling Liquidity Sub-Fund20.0100%
UK Conventional Gilts All Stocks Index Sub-Fund15.0000%
Sterling Corporate Bond All Stocks ESG Screened Index Sub-Fund15.0000%
Global Aggregate Bond Index Sub-Fund (Hedged to GBP)30.0000%


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 ESG Screened Index Sub-Fund70.0000%
UK Conventional Gilts Over 15 Years Index Sub-Fund15.0000%
UK Conventional Gilt Dec 2055 Index Sub-Fund10.0000%
UK Conventional Gilt Jan 2060 Index Sub-Fund5.0000%


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%

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.