South West councils remove Russian pension links

Councillor Jayne Kirkham said money "should not be invested where it could benefit the Russian regime"

Councils are taking "immediate steps" to ensure pension fund investments do not include Russian assets.

Cornwall Council and Devon County Council's pension funds are part of the Brunel Pension Partnership and include investments in global stocks and shares.

The partnership has direct holdings in Russia and said it was disinvesting immediately.

It comes as Russia intensifies its attacks on key cities in Ukraine.

Cornwall Council's pension fund totals £2bn, about £7.6m of which had been invested in Russian assets through Brunel Pension Partnership.

The Brunel Pension Partnership said it was making arrangements to disinvest in Russian assets immediately.

'No money towards Putin's war'

Councillor Jayne Kirkham, chair of Cornwall Council's Pension Fund Committee, said: "When we heard about the situation in Ukraine we wanted to make sure that none of the Cornish pensioners money was used for Putin's war.

"I am pleased we have been able to act so quickly to ensure that our money is not invested anywhere that may benefit the Russian regime."

All of Devon County Council's 39,000 local authority workers across Devon, Plymouth and Torbay are enrolled in a £5bn fund with the Brunel Pension Partnership.

BBC Radio Devon research found about 0.15% of this, totalling about £8.4m, had been invested in Russian assets.

'End unnecessary suffering'

As well as disinvesting in assets among Russian state-owned and non-state-owned companies, the Brunel Pension Partnership will prohibit new investments in Russian assets.

"We believe that this position firmly sits within our fiduciary duty to our clients and has been reached based on responsible and investment considerations", the partnership said.

The partnership will sell off about £8.4m worth of investments based on the value of Devon County Council's fund of £5bn in December, Devon County Council said.

David Vickers, chief investment officer for the partnership, said: "The situation in Ukraine is horrifying to us from a humanitarian perspective.

"Our first hope is for peace and for an end to so much unnecessary suffering."