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Council pension funds face £683 million loss due to fall in coal prices
The figures regard data from 61 local authority pension funds over the past 18 months. The failed investment in coal is set to affect millions of council staff.
Teeside’s coal investments lost 1.5 per cent of its pension fund- around £46.9 million. This loss was followed by a 1.4 per cent loss suffered by the London Borough of Merton (£6.8 million). Greater Manchester’s coal shareholding bond experienced the largest financial drop, losing £148 million in value.
Platform London’s researcher Mika Minio-Paluello said: “Our local councils are risking pension funds by investing into coal and fossil fuels, as advised by city firms raking in millions in fees. The burden of failing coal companies will be dumped on the public and pensioners. Local government workers deserve more say over where their pensions are invested.
“If councils had divested from coal & reinvested into public transport and social housing two years ago, then pension holders, the climate and public services would all be better off. Divest-Reinvest is a win-win-win solution.”
Campaigners have called for councils to invest pension funds in local infrastructure, claiming that £14 billion has been riskily invested in fossil fuels.
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