3. Scottish Local Government Pension Scheme’s investments in nuclear weapons

The Scottish Local Government Pension Scheme (LGPS) is the largest public pension scheme in Scotland, with over half a million members and £42 billion in assets. The fund is administered by pension committees in 11 fund administering authorities: Dumfries and Galloway, Falkirk, Fife, Highland, Lothian, North East Scotland, Orkney Islands, Scottish Borders, Shetland Islands, Strathclyde and Tayside.

Pension fund administering authority

Council areas covered

Dumfries and Galloway Dumfries and Galloway
Falkirk Clackmannanshire, Falkirk, Stirling
Fife Fife
Highland Comhairle nan Eilean Siar, Highland
Lothian City of Edinburgh, East Lothian, Midlothian, West Lothian
North East Scotland Aberdeen City, Aberdeenshire, Moray
Orkney Islands Orkney Islands
Scottish Borders Scottish Borders
Shetland Islands Shetland Islands
Strathclyde Argyll and Bute, East Ayrshire, East Dumbartonshire, East Renfrewshire, Glasgow City, Inverclyde, North Ayrshire, North Lanarkshire, Renfrewshire, South Ayrshire, South Lanarkshire, West Dumbartonshire
Tayside Angus, Dundee City, Perth and Kinross

Information drawn from the authorities’ websites and from freedom of information requests shows that the Scottish Local Government Pension Scheme holds shares worth approximately £294 million in 14 companies that undertake nuclear weapons related work.

Lothian Pension Fund has the largest amount, £159 million, invested in six nuclear weapons producers, followed by Strathclyde Pension Fund which has £89 million invested in 11 producers. US weapons giant Lockheed Martin has attracted the largest share of Scottish LGPS funds, with Lothian and Strathclyde holding shares worth £88 million in the company. However, Rolls Royce is the most popular choice, with seven out of the nine authorities listed here holding shares in the company.

Please see the sections below for details of each fund’s investments in nuclear weapons producers. At the time of writing, sufficiently detailed information had not been sourced regarding the investments of Dumfries and Galloway Pension Fund and Shetland Islands Pension Fund, so these have not been included.

If you are a member of the Scottish LGPS, please see section 8.3 for information on what you can do to encourage your fund to divest from nuclear weapons. If you are a concerned citizen, please see section 8.4 for tips on approaching your local councillors about divestment and click here for our template letter.

Note: Scottish councils may have other investments in nuclear weapons producers. This section only covers the investments of LGPS funds.