The Isle of Wight Council has taken immediate steps to ensure pension fund investments do not include Russian assets following the illegal invasion of Ukraine.
The authority moved swiftly to conduct a full review of its contracts and pension fund investments to make sure Island funds were not invested anywhere that could benefit the Russian regime.
The council, which administers the Isle of Wight Council Pension Fund as part of the Local Government Pension Scheme, worked closely with external investment managers to understand whether they were exposed, and if so to what extent.
Following that investigation, the council can confirm it has no direct holdings in any Russian stock, or any materially significant investments in Russia-linked equities.
It has also been confirmed that none of the Money Market Funds in which the council itself holds deposits have any direct exposure to Russian companies.
Similarly, the council does not have any direct contractual links with Gazprom Energy — one of Russia’s biggest state-controlled energy companies — or any other Russian fuel supplier.
Councillor Chris Jarman, Cabinet member for strategic finances and chair of the Pension Committee, which is responsible for the management and administration of the fund, including investment decisions, said:
“I am pleased we have been able to act quickly to ensure that our members’ money is not invested anywhere that may benefit the Russian regime.
Article continues below this advertisement “The illegal invasion of Ukraine has horrified us all, and it was important we took this step, both from a moral perspective, and as a show of solidarity with the Ukrainian nation.
“Our first hope is for peace and for an end to so much unnecessary suffering.”
No ‘direct’ links, or no links at all?
Feuw…. that’s a relief, I was a bit worried then. Wouldn’t want the gravy train to dissrail now would we.
Don’t want no blood money in the council’s slush fund.
We know that most of the money is through yearly council tax increases. Any money left going on the non floating bridge.
“I am pleased we have been able to act quickly to ensure that our members’ money is not invested anywhere that may benefit the Russian regime..
What jarman really meant…
“I am pleased we have been able to act quickly to ensure that our members’ money is not invested anywhere that cannot be accessed by us, for our benefit, due to sanctions imposed by others.
Many companies invest in Russian and other foreign businesses to shore up their pension funds.
The UK’s largest private pension scheme invest in Russia (as do probably half of all local authority schemes)
The illegal part is the council taking tax payers money to feed thier own pensions
Dont worry folks, we are all equal. Only some are more equal than others……
Thank you all for not investing our money for your pension pot…. in Russia ( so where are you investing our cash ?????)
Not on the island that’s for sure !!!!!
I mean this most sincerely !!!!!!!
Nothing but semantics, direct links or indirect links???
However, most of us pay for our own personal pension topping up our state pension…..so why do we have to pay for sivile servants pensions??…they don’t pay towards our pension, like shop workers, factory workers, or towards any none sivile servants…