Council pension funds invested in arms trade

Thu, 29 Nov 2007

Despite major opposition from several key authorities, Merseyside council pension funds are continuing to be invested in companies that invest in the arms trade . The news flies in the face of ethical calls by Liverpool, Knowsley and St. Helens to block the investment of pensions .

The Wirral council administers the fund for all five authorities, including the John Moores university . The council claims that they must maximise financial returns for all their pensions schemes .

A councillor for Liverpool council reportedly commented; "I will have to wait for official feedback from our executive member Keith Turner, but I am startled they have not taken on board what three councils have said. In that case, we would have to take stock of where we are and what course of action we will have to take."

The fund is linked to investment in companies that are included in the armaments trade, including BAE, Boeing and Rolls-Royce .
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