We have published the results of a recent survey which sought views on whether the Fund should continue or cease investing in Aerospace & Defence companies. The survey was conducted online with members between 4 - 22 September 2025.
When giving their opinion, members were also asked about the importance of factors such as financial returns, NATO defence, and investing in companies which supply countries involved in conflict.
The survey was emailed to 26,360 of our members who were invited to respond to an anonymous questionnaire. 2,500 members (9.5%) responded to the survey. The results are statistically significant and have been weighted to represent the Fund’s demographic profiles.
Read the survey report (PDF, 699.61KB)
View the survey presentation (PDF, 699.61KB)
Download the anonymised survey data (CSV, 444.15KB)
The survey data excludes question four covering respondents freetext comments.
Key findings include:
- Most members express concern about the harm caused to civilians and the environmental impact of the Aerospace & Defence sector.
- Overall, 47% of members express a preference for the Fund continuing to invest in the Aerospace & Defence sector, with 42% preferring the Fund to cease investing in the sector.
- In general, males and members aged over 55 tend to prefer continuing investment in the sector, whereas females and members aged under 55 prefer ceasing investment in the sector.
We are very pleased with the response rate, with 2,500 members having shared their view, along with the engagement we have had from members, on what is a difficult issue. At its next meeting the Committee will make a final decision on whether the Fund should continue investing in Aerospace & Defence.
The survey is a valuable input into the Committee’s decision-making and will be considered alongside other important factors, including legal and financial considerations.
The agenda and papers for the next Avon Pension Fund Committee public meeting on 12 December at the Guildhall in Bath will be published here, by 5 December: https://democracy.bathnes.gov.uk/mgCommitteeDetails.aspx?ID=212