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In a public meeting in Bath on 28 March, the Avon Pension Fund Committee voted to maintain its current approach to investing in Aerospace & Defence. 

Now that the Committee has made a decision in principle, we will consult our members, which will inform the Committee’s final decision. 

We’re pleased to announce a £50m investment in local businesses, supporting regional growth. 

This investment represents the third in our local impact strategy, with significant progress already made in the areas of green energy and affordable housing.

On 28 March the Avon Pension Fund Committee will meet to review its aerospace and defence investments. 

This follows significant work which the Fund has already undertaken, following petitions in December and appeals from Bristol City Council to divest from aerospace and defence companies which supply Israel.

The pension fund has £18m or 0.3% of its £6 billion assets invested in such companies, which primarily supply NATO partners and the UK government.

We’ve received questions about our investments, particularly those in aerospace and defence industries. The Pension Committee on 13 December was also asked about our investments in companies whose products are used by the Israeli military. 

The Committee will review the statements and the legal and financial position, and consider the issue at a public Committee meeting in early 2025.

It has been a year of encouraging progress and development. 

The Fund is in robust financial health, with an improved 98% funding level at 31 March 2024. 

This improved position has enabled us to deliver stable employer contributions, critical given ongoing strain in local government finances. 

Our 2024 Responsible Investment Report highlights the investment risks and opportunities the Fund faces. These include climate change, human rights and biodiversity. 

This year we examine the investment case for solar energy, positive impact via affordable housing investments and a forward look on natural capital investing.

We outline our focus areas for 2025 to ensure we meet our environmental, social, and financial priorities.

We’re investing £50 million to build affordable homes in the south-west and nationally over the next few years. 

Our new investment will fund approximately 250 new affordable homes for up to 1,000 people, a fifth of which will be in the Avon area.

Growth was a common theme for the financial year 2023/24. Whether looking at total payments to members, the number of employers in the fund or the overall fund assets, most arrows point upwards. 

Our robust financial position, with pension fund assets reaching £5.83 billion, brings an improved 98% funding position (up from 95% the previous year).

Have you ever wondered how the money in your pension is invested? If so, you may like to hear about our investment in local solar farms. We recently committed 3% of our assets to local impact investments like this South Gloucestershire solar farm. The solar farm will generate clean energy and help us achieve our new net zero 2045 goal. It will also generate a good financial return.