PENSION FUND INVESTMENT WORKING AGAINST COUNCIL
OUR local councils have had a public health role since 2013, when budgets and responsibilities were transferred from the health service.
A major part of this work is helping people beat their addiction and stop smoking.
Recently, The Independent newspaper showed how UK councils are cutting back on this life saving work as they face increasing budget demands.
And in the same report, they show that at the same time council pension funds are increasing their investments in tobacco.
So pension funds such as Cheshire Pension Fund (for employees in Cheshire, Warrington and Halton) are actively damaging the work of the council!
In Cheshire the pension fund invested at least £2m in tobacco (BAT £921,115, Japan Tobacco £274,180, and Philip Morris £1,296,547).
There may well be much larger amounts, as only a small fraction of investments are supplied on the website.
The only explanation we can suggest is that the fund trustees have no idea where our funds are invested because they hand it all over to London investment managers.
These advisers then invest with no regard to conflicts of duty, or ethics, but primarily to enhance their own fees and bonuses.
Are the Cheshire Pension Fund Trustees really saying ‘Lets invest in Tobacco’ with no understanding of the work of their staff in the councils?
Why not ask your local councillor in Cheshire, Warrington and Halton, how does the pension fund justify investing in tobacco, when it has this public health role. ●