pension funds

Ever thought about the ethical considerations around our pensions? This article tells us that many have invested in tobacco – there is scope for them to invest some resources locally, why not put more attention into rural economic development? According to the article:

The council with the largest investment in BAT is Hampshire county council, with about £81m of pensioners’ money invested in the firm. BAT has an office in Southampton, but ceased production of cigarettes at the site in 2007.

Nottinghamshire Local Government Pension Fund is second with about £62m worth of shares and is also among the largest investors in Imperial Brands, which makes Embassy and Superkings. Cigarettes were produced in Nottingham until May last year.

Imperial counts 19 local authorities among its shareholders, with their investments adding up to nearly £290m.

In total, share registers disclose that local authorities own close to £1bn of shares in the two companies. Their total tobacco investment is likely to be higher if they are invested in separate funds that also count cigarette companies among their portfolio of shares.