An Aberdeen councillor has hit out at criticism of public sector pension investment in arms companies as “ill-informed”.
Yesterday, the P&J reported that the north-east pension fund – which is for council workers across Aberdeen, Aberdeenshire and Moray, had around £15million invested in arms or defence firms.
The figures were compiled by the local Green party which said that “future income was based on the killing and maiming of others”.
Last night Lord Provost Barney Crockett, who sits on the board of the local authority pension fund forum, said: “I think the comments were a bit ill-informed in how pension funds work. Investments are not made on the political views of those involved.
“As a trustee your only legal duty is to make sure investments return the most benefits.
“Nearly all large companies are so big that they also take on defence work and even these are less than 1% of the fund.
“Nearly all these holdings are index holdings which are not chosen directly by the funds.”
He added that he was “always available” to discuss any concerns on the fund.
