A pro-Palestine protester outside Bath Guildhall ahead of a meeting of the Avon Pension Fund committee(Image: Alex Seabrook)
Thousands of public sector workers were split over whether their retirement savings should be invested in the arms trade. But a new survey shows that more Avon Pension Fund members back investing in companies which make weapons than those who prefer stopping.
Last the public sector workers in the Bristol and Bath region were surveyed to find out their views on how their savings are invested. This follows calls from the Palestine Solidarity Campaign to stop investing in companies which produce weapons used by Israel.
The results show that 47 per cent of members believe investment in the aerospace and defence sector should continue, while 42 per cent believe investment in the sector should stop. They were asked about the arms industry as a whole, rather than specifically firms arming Israel.
Members were asked: “These companies make nearly all their sales to the UK, Nato countries, and Ukraine, and so play an important role in the defence of the UK and its allies. Some of these companies supply Israel. All conflicts harm civilian populations.
“Companies in which the fund invests align with UN Global Principles on human rights. We exclude companies which make controversial weapons such as land mines. The fund also complies with all local laws, such as those of the UK and EU. Aerospace and defence companies employ over 4,000 people across the wider region around Bristol and Bath.”
Earlier this year, councillors were advised that divesting specifically from companies arming Israel would be difficult to defend legally. This is partly because there are several other ongoing conflicts elsewhere in the world, such as in Myanmar, Sudan, Yemen and Ukraine.
The Avon Pension Fund invests £6 billion for 140,000 staff at 450 employers, including local councils, universities and schools. £18 million is invested in arms companies, such as Northrop Grumman and BAE Systems. The survey was emailed to 26,360 members and received 2,500 responses.
Councillor Toby Simon, chair of the Avon Pension Fund, said: “We are very pleased with the response rate, with 2,500 members having shared their view, along with the engagement we have had from members, on what is a difficult issue. At its next meeting the committee will make a final decision on whether the Fund should continue investing in aerospace and defence.
“The survey is a valuable input into the committee’s decision-making and will be considered alongside other important factors, including legal and financial considerations.”
In December councillors in the committee will vote on what to do next. With these survey results, it’s likely that they will choose to continue investing in the arms trade.