The Avon Pension Fund is reaching out to 20,000 randomly selected members to gather their opinions on whether the fund should continue investing approximately £18 million in the defence and aerospace industries. This consultation comes after sustained calls from some fund members advocating divestment from arms companies linked to conflicts such as those involving Israel and Gaza.
Managing around £6 billion in assets and serving roughly 100,000 members employed across 450 organisations—including local government, education, and charity sectors in the former County of Avon—the fund is conducting a crucial survey. Between September 1 and 16, selected members will receive emails inviting them to participate in the survey, which will remain open until September 22. Members are urged to check their inboxes and spam folders for the invitation.
The push for divestment gained momentum in December 2024, when pro-Palestine campaigners urged the fund to withdraw investments from companies manufacturing weapons used in Gaza and those profiting from illegal Israeli settlements in the West Bank. However, due to legal complexities around targeting investments tied to specific conflicts, the fund’s committee voted in March to consult members on the broader proposition of ending all investments in the aerospace and defence sector.
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At the March meeting, social worker Toni Mayo, whose pension is part of the fund, spoke passionately: “The money I’ve earned protecting children at great personal cost is being used to fund weapons that kill children abroad. Every day I work, I find I’m unwillingly contributing to genocide and war.”
Local authorities like Bristol City Council and North Somerset Council, employing many members of the fund, have formally urged divestment from arms companies implicated in the region’s concerns.
Currently, the £6 billion Avon Pension Fund holds approximately £18 million—around 0.3% of its total assets—in aerospace and defence stocks. Rather than direct shareholdings, these investments exist within a passive equity fund, the Brunel Fund, which spreads investments across thousands of firms.
The fund emphasizes its commitment to responsible investing, aligning with the 2015 Paris Agreement to reduce greenhouse gases, and excluding companies involved in controversial weapons such as cluster munitions or chemical weapons. It also excludes firms that breach UN guidelines related to human rights abuses. Notably, Lockheed Martin and RTX are already removed from the portfolio on these grounds.
The survey process is estimated to cost £25,000 and is designed to yield statistically meaningful insights if at least 5% of the 20,000 contacted members respond. This method is a cost-effective alternative to surveying the entire membership, which would cost around £75,000 and require mailing physical letters.
An independent research agency, Prevision Research, has been commissioned to design, administer, and analyze the survey, ensuring confidentiality and adherence to the highest ethical research standards. Prevision Research will ensure the respondent pool accurately represents the fund’s demographics, weighting responses by age and gender to match the overall membership profile.
The Avon Pension Fund Committee will consider the survey results alongside legal and financial factors before making a final decision later this year regarding its engagement with the defence and aerospace industries.
Members selected for the survey are encouraged to participate, contributing their voice to this significant decision about the ethical direction of their pension fund.