Changes could be made to the £12bn Merseyside Pension Fund following pressure from protesters. Council officers are set to seek information on the potential of removing controversial investments from members' pensions.
Fund Details and Protest
The fund provides pensions to more than 140,000 members of the Local Government Pension Scheme across the Liverpool City Region. As Wirral Council is the administrating authority for the fund, meetings of the Pensions Committee take place at Wallasey Town Hall. Ahead of a meeting of the committee on Monday, June 22, demonstrators gathered to protest against the fund's investments in firms they argue profit from actions which violate international law.
Following Islington Council's Lead
The demonstrators hope the Merseyside Pension Fund will follow in the footsteps of Islington Council in London, which is undergoing a consultation with its pension fund members. Consultation proposals suggest removing investment in companies that are deemed to contribute to serious and systematic breaches of international law and human rights or are involved in serious environmental degradation, including the climate. The proposals also include removing companies who are involved in systematic corruption and financial crime, and produce or sell controversial weapons.
Public Questions and Response
During the public questions section of the Pensions Committee meeting, Greg Dropkin, from Liverpool Friends of Palestine, asked if the committee would "contact Islington for further information and set a date to begin consultation with scheme members on Merseyside to learn their views". In response to Mr Dropkin, the chair of the committee, Cllr Brian Kenny, confirmed: "As suggested, officers will now contact Islington Pension Fund and include their findings in a further report." Cllr Kenny added: "We haven't got a date at this stage."
