[This post is a work in progress. Last Updated Aug 2026]
About 20% of people in the UK use the People’s Pension to manage their pension savings. In there, we have multiple funds we can select from, however it’s not very clear what you are investing in.
This blog post serves as a dumping ground to share my findings on each of the funds they offer.
Sharia Fund
The best performing but most risky.
Its a bit of a weird one as you can’t freely choose the allocation to this fund, It’s either 100% of your pension or none at all. I believe the reason for this is that this is the only fund from HSBC instead of State Street.
The underlying fund has a bit of a story. The website claims that it uses the “HSBC Amanah Global Equity Index” however that fund was renamed to “HSBC Islamic Global Equity Index Fund” in 2018. To make things more interesting/confusing the parent index of this fund changed in March 2026 from the “Dow Jones Islamic Market Titans 100” to the “S&P Global 1200 Shariah Select Index” (an excellent move if you’re concerned about an AI bubble).
The most accurate tracker I’ve found is: https://uk.finance.yahoo.com/quote/0P0001IVNK.L/. While it’s not the exact share class uses by People’s Pension (likely A3CGBP), the fees of the ICGBP share class linked above (0.494%) closely matches what you’ll get charged by the People’s Pension.
Ethical Fund
The underlying fund is the “State Street World Screened Index Equity Fund” which tracks the MSCI World Screened Choice Index.
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