Investment in Russian organisations by council pension fund to end

The move is made to show support to Ukraine and demonstrate to Russia the level of disgust with recent events

The pension fund which provides for many employees at both Oxfordshire County and Cherwell District Councils is removing all money invested in Russian organisations.

The Local Government Pension Scheme is run nationwide but input to the scheme’s operation takes place in individual local areas. Oxfordshire’s Local Government Pension Fund scheme has members from all six local councils as well as a wide array of other county-based organisations.

It is managed as part of the Brunel Partnership, which also oversees pension investments for nine other areas.   The Partnership has already been working to divest from Russian entities and the Oxfordshire Pension Fund Committee has now endorsed the decision.

Both Brunel and the Oxfordshire Pension Fund have committed to not make any further investments in Russian assets at the same time.

Councillor Liz Leffman, Leader of Oxfordshire County Council, said: “I was pleased to hear that our local Pension Fund Committee had taken this decision. National governments, private sector organisations and individuals are all doing what they can to support Ukraine and demonstrate to Russia the level of disgust with recent events.

“This decision is one practical thing that we can do locally to support the international effort that is underway and I’m sure the world of local government up and down the country will be doing the same thing.” Councillor Bob Johnston, Chair of the Oxfordshire Pension Fund Committee, added: “This is the right thing to do from both a moral perspective, but also in respect of the pension committee’s duties, with the actions being taken by the international community including the decision to remove the Russian companies from the major investment indices, meaning the financial risk to these companies is long term.”

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Published: 08/03/2022 09:49am by Banbury FM Newsteam

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