3. Scottish Local Government Pension Scheme

Investments

Our research shows that Scotland’s 11 local authority pension funds together held shares worth over £275 million in nuclear weapons companies in September 2020.

Lothian Pension Fund was the largest investor in nuclear weapons, holding shares worth nearly £126 million (1.7% of the fund) in five nuclear weapons producers. This includes £102 million invested in the world’s largest arms company, Lockheed Martin. Strathclyde Pension Fund came in a close second, holding shares worth £120 million in 16 companies.

What can you do?

• Check which fund covers your local authority in the table below.
• Visit the fund’s page for details of its investments and investment policy: Dumfries and Galloway, Falkirk, Fife, Highland, Lothian, North East Scotland, Orkney Islands, Scottish Borders, Shetland Islands, Strathclyde, Tayside.
• If the fund invests in nuclear weapons, ask your local councillors to support a nuclear weapons divestment resolution.

Structure

The Scottish Local Government Pension Scheme (LGPS) is the largest public pension scheme in Scotland, with nearly 600,000 members and £48 billion in assets. The scheme is comprised of 11 local authority pension funds. Each fund covers employees of one, or more than one, council and a range of other local employers, with one council acting as the administering authority.

This table lists the local council(s) that are covered by each fund, with the administering authorities in italics:

Name of Pension fund	Councils covered
Dumfries and Galloway:  http://www.dumgal.gov.uk/pensions	Dumfries and Galloway
Falkirk: http://www.falkirkpensionfund.org/	Clackmannanshire, Falkirk, Stirling
Fife: https://www.fifepensionfund.org/	Fife
Highland: http://www.highlandpensionfund.org/	Comhairle nan Eilean Siar, Highland
Lothian: http://www.lpf.org.uk/	City of Edinburgh, East Lothian, Midlothian, West Lothian
North East Scotland: http://www.nespf.org.uk/	Aberdeen City, Aberdeenshire, Moray
Orkney Islands: http://www.orkney.gov.uk/Service-Directory/S/pensions.htm	Orkney Islands
Scottish Borders: https://www.scottishborderscouncilpensionfund.org/	Scottish Borders
Shetland Islands: https://www.shetlandpensionfund.org/	Shetland Islands
Strathclyde: http://www.spfo.org.uk/	Argyll and Bute, East Ayrshire, East Dunbartonshire, East Renfrewshire, Glasgow City, Inverclyde, North Ayrshire, North Lanarkshire, Renfrewshire, South Ayrshire, South Lanarkshire, West Dunbartonshire
Tayside: http://www.taysidepensionfund.org/	Angus, Dundee City, Perth and Kinross

Local authority pension funds are governed by pensions committees, which are generally comprised of councillors from the administering authority and sometimes union representatives. Pensions committees act in a quasi-trustee capacity and are responsible for setting the pension fund’s investment strategy. Pension boards scrutinise the decisions of pensions committees.

Membership lists for the pensions committees and pension boards of each of the 11 funds can be found via these links:

Dumfries and Galloway
Pensions committee members: https://dumfriesgalloway.moderngov.co.uk/mgCommitteeMailingList.aspx?ID=162
Pension board members: https://dumfriesgalloway.moderngov.co.uk/mgCommitteeDetails.aspx?ID=147

Falkirk
Pensions committee members: http://www.falkirkpensionfund.org/falkirk-council-pension-fund/about-us/the-pension-committee/
Pension board members: http://www.falkirkpensionfund.org/falkirk-council-pension-fund/about-us/local-pension-board/

Fife
Pensions committee and pension board members: https://www.fifedirect.org.uk/news/index.cfm?fuseaction=committee.detail&servid=921A1591-E7FE-C7EA-07A9978E8A066E68

Highland
Pensions committee, board and investment sub-committee members: http://www.highlandpensionfund.org/highland-pension-fund/about-us/the-pension-committee/

Lothian
Pensions committee and pension board members: https://www.lpf.org.uk/us/governance?documentId=29&categoryId=6#:~:text=The%20Pensions%20Committee%20decides%20the,monitors%20and%20reviews%20investment%20arrangements

North East Scotland
Pensions committee members: https://www.nespf.org.uk/about/who-runs-the-pension-fund/pension-committee/
Pension board members: https://www.nespf.org.uk/about/who-runs-the-pension-fund/pension-board/

Orkney Islands
Pensions committee members: https://www.orkney.gov.uk/Council/C/pension-fund-sub-committee.htm
Pension board members: https://www.orkney.gov.uk/Service-Directory/S/pension-fund-sub-committeepension-board.htm

Scottish Borders
Pensions committee members: https://www.scottishborderscouncilpensionfund.org/scottish-borders-council-pension-fund/about-us/the-pension-committee/
Pension board members https://www.scottishborderscouncilpensionfund.org/scottish-borders-council-pension-fund/about-us/local-pension-board/

Shetland Islands
Pensions committee: https://www.shetlandpensionfund.org/shetland-islands-council-pension-fund/about-us/the-pension-committee/
Pension board members: https://www.shetlandpensionfund.org/shetland-islands-council-pension-fund/about-us/local-pension-board/

Strathclyde
Pensions committee members: https://www.spfo.org.uk/index.aspx?articleid=16036
Pension board members: https://www.spfo.org.uk/index.aspx?articleid=15814

Tayside
Pensions committee members: http://www.taysidepensionfund.org/tayside-pension-fund/about-us/the-pension-committee/
Pension board members: http://www.taysidepensionfund.org/tayside-pension-fund/about-us/local-pension-board/