08/08/2024
🚨| BREAKING: UK’s biggest private pension fund dumps $100 MILLION of Israeli assets, due to pressure from pension fund members concerned over Israel’s genocide in Gaza.
The move followed sustained pressure from the pension fund’s members, concerned over Israel’s human rights record in Occupied Palestinian Territories.
The University and College Union (UCU), which represents Universities Superannuation Scheme (USS) members, said it had raised concerns with the pension fund about it investing in companies on the UN watchlist of those in breach of international law.
The USS’s move follows similar action by other major global retirement funds that have pulled back their Israel exposure following pressure from members.
In June, KLP, Norway’s largest private pension manager said it had divested its stake of close to $70mn in US industrial group Caterpillar, owing to the risk that its equipment was being used to violate human rights of Palestinians.
Pension Denmark, one of the biggest pension funds in Denmark with more than 800,000 members, has also withdrawn all its investments from Israeli banks.
In the UK, public sector pension plans with cash tied up in groups supplying weapons to Israel are under pressure to dump their holdings.