UK Pension Fund To Drop Coal, Tobacco Holdings

Law360, London (June 1, 2020, 5:14 PM BST) -- The Universities Superannuation Scheme plans to ditch stocks in tobacco, coal and weapons manufacturers following pressure from members about responsible investing, its investment manager announced Monday.

USS Investment Management, which manages £68 billion ($84 billion) in retirement savings for 400,000 academics, said the fund will divest its holdings in sectors that have been deemed "financially unsuitable" for the pension scheme over the long-term.

Tobacco companies, thermal coal producers and arms makers involved in cluster munitions, white phosphorus and landmines will all be excluded after the scheme faced calls to adopt more responsible investment policies from its members, it said.

Monday's announcement marks...

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