Derbyshire Pension Fund looks to offload Russian investments

The pension fund is run by Derbyshire County Council

A pension fund for public sector workers is reviewing its investments in Russian firms following the invasion of Ukraine.

Derbyshire Pension Fund has about £12m tied up in Russian companies - about 0.2% of its £6bn portfolio.

Derbyshire County Council, which manages the fund, said it would sell the investments "as soon as is practical".

The council said it wanted to support the UK's sanctions against Russia.

The fund has in excess of 100,000 members from more than 300 employers across Derbyshire.

It has recently come under fire for investing in fossil fuels, with protests held outside County Hall by Divest Derbyshire and Derbyshire Pensioners Action Group.

Council leader Barry Lewis told Radio Derby: "The administration supports a move to divest from Russian investments as soon as is practical and in line with meeting the objectives of the UK's sanctions regime."