UK. Councillor slams ‘inappropriate’ investment in tobacco industry to fund local authority pension schemes
This is despite the efforts of council chiefs all over the region to cut the number of smokers – and their cost to health services and local authorities.
The pension fund covers retirement schemes for employees of Sunderland City Council, South Tyneside Council, Gateshead Council, Newcastle City Council and North Tyneside Council, as well as other organisations, and – as of March 31 – was worth £8.24billion.
The choice of investments was originally revealed by a series of freedom of information requests submitted by The Guardian, which claimed local authorities throughout the country had invested more than £1.7bn with various tobacco firms through their pension funds.
Read more shieldsgazette
