Wiltshire pension fund pressured to reconsider arms investments
Campaigners urge earlier survey for 90,000 member views
More than 90,000 members of Wiltshire Pension Fund could be asked whether their £3.8 billion pot should stop investing in arms companies – but not until next year.
Campaigner Alex Hall called for councillors to hold a formal vote on divestment from weapons manufacturers and bring forward a planned survey of pension scheme members.
In a response considered by the Wiltshire Pension Fund Committee last week, officers said any move to divest from aerospace and defence companies would require support from scheme members.
A fund-wide survey is currently scheduled for early 2027.
Mr Hall argued that a number of local authorities and pension funds elsewhere in the UK had moved towards divesting from arms companies or firms linked to Israel.
He also drew comparisons with Wiltshire Pension Fund’s existing policy of reducing exposure to fossil fuel investments, saying similar principles should be applied to defence companies.
His submission argued that the distinction between so-called “controversial weapons”, which are already excluded under the fund’s policies, and conventional weapons becomes blurred when conventional weapons are used against civilian populations.
He cited the conflict in Gaza and said the fund should reconsider its holdings in companies connected to the arms trade.
Officers noted that the committee had already undertaken a detailed review of the fund’s exposure to aerospace and defence companies in November 2025.
They said any future decision would need to take account of fiduciary duties, legal and regulatory considerations, financial impacts, practical implementation issues and the views of pension scheme members and employers.
Meanwhile, the committee’s responsible investment reports showed the fund continuing its work on climate-related investment policies.
Officers reported that the fund’s listed equity portfolios had been decarbonised by 57 per cent compared with a 2019 baseline, while a target to allocate 30 per cent of assets to sustainable investments has already been achieved.
The reports also confirmed that work on divestment from fossil fuel companies remains part of the fund’s wider climate strategy, highlighting the contrast between the fund’s established approach to fossil fuels and the continuing debate over investments in the defence sector.
Wiltshire Pension Fund is the Local Government Pension Scheme administered by Wiltshire Council and serves more than 90,000 active workers, former employees, and pensioners.
Its 162 participating employers include Wiltshire Council, town and parish councils, schools and colleges, and a range of other public sector and community organisations.