More than 3,000 academics have signed a petition demanding an end to the Universities Superannuation Scheme’s (USS) investments in controversial weapons such as cluster munitions and landmines.
The petition, coordinated by campaign group Ethics for USS with support from ShareAction and the NUS, calls on USS to phase out investments in companies involved with weapons banned under the Controversial Weapons Convention.
The demand comes as part of a trilogy of requests that also includes the introduction of a new ethical policy informed by a member survey to sit alongside the scheme’s responsible investment policy and the establishment of an annual forum event open to members of the scheme.
At the time of writing, the petition had been signed by 3,233 members.
Professor Tim Valentine, a member of Ethics for USS, said: “USS needs to understand that controversial weapons make controversial pensions. Two years ago scheme members called on USS to adopt an ethical investment policy based on members’ views. Yet in 2016 USS still invests our money in cluster bombs and other controversial weapons. Today we are renewing our call. The law allows USS to take our views into account. It is time to give us a pension to be proud of.”
Ethics for USS claimed USS chief executive Bill Galvin and trustee chairman David Eastwood had agreed to meet with scheme members to discuss the issues raised in the petition in early 2017.
A statement from USS said: “The trustee’s primary duty is to ensure there is enough money to pay the pensions of our 375,000 members. USS is an active and responsible investor, we engage with the companies we are invested in on a range of matters, when we believe doing so is in the financial interests of our members. We do not rule out investment in any sector on purely ethical grounds.
“USS has invested in the debt of Textron, a diversified manufacturer with interests in aircraft, industrial and automotive products. Textron has recently announced plans to discontinue production of sensor-fused weapons meaning it will no longer be producing cluster munitions.
“USS takes its members’ views very seriously, we have recently surveyed our members on a broad range of issues, including their views on ethical and responsible investment. We shall be considering the feedback provided carefully, in the context of our responsible investment policies, which are available on our website.”
USS provides pensions for over 300,000 academics and academic-related staff in the higher education sector. It is the UK’s largest occupational pension scheme, with almost £50bn in assets under management.
