6/2/2021

Published Barrhead News On Line -

News

4 hrs ago

East Renfrewshire Council chiefs urged to act over pension contributions

By Norman Silvester Reporter


ENVIRONMENTAL campaigners have called on East Renfrewshire Council to stop investing staff’s pension contributions in oil and gas companies.

The Scottish Greens claim £194million has been wiped off the value of the retirement savings of Scottish council workers since 2017 as a result of fossil fuel investments.

The party said the Strathclyde Pension Fund (SPF), which administers contributions from East Renfrewshire Council staff, has lost £46m in the last three years through it’s petroleum stakes.

Ross Greer, who represents West of Scotland for the party, added: “Strathclyde Pension Fund needs to divest its stake in fossil fuels like oil and gas.

“I hope East Renfrewshire Council will use its influence over the fund to make this happen.

“Workers’ pensions are increasingly being put at risk by these bad investments.

“This money could instead be invested in building warm and affordable housing, like is normal for European pension funds, or in renewable energy, as other UK funds have done.

“Both of these sectors guarantee stable financial returns for decades – exactly what you want for a pension fund.”

The Scottish Greens say East Renfrewshire Council workers and others have lost an average of £626 each since 2017 through SPF investments in the oil and gas industry.

Sally Clark, of Divest Strathclyde, which campaigns for fossil-free local government pensions, said: “We have repeatedly presented the Strathclyde Pension Fund with evidence demonstrating the dangers of continued fossil fuel investments and the need to rapidly decarbonise the fund.”

Green campaigners at Platform, which carried out the pension research, said 10 local government funds in Scotland saw investments in oil companies collapse between April 2017 and November 2020.

However, East Renfrewshire Council said it regularly receives assurances on how pension contributions made by staff are being invested.

A spokesman told the Barrhead News: “The Strathclyde Pensions Fund Committee is in place to ensure good governance of the fund, whilst a separate board provides employers and trade s with the opportunity to input into the decisions made.

“This strategic oversight of the fund, including an ongoing risk register and quarterly responsible investment report, provides the council with the assurances required.”