Written question WQ84735
- Asked by
- Peter FoxConservative
- To be answered by
- Minister for Finance and Local Government
- Tabled
- Due
- Answered
- Time to answer
- 5 days
Question
Will the Minister state whether any Welsh Government-run pension funds hold investments in Russian-based companies, funds, stocks or shares and, if so, what is the total sum of funds held?
Answer
Answered by Minister for Finance and Local Government
The Welsh Government does not run any pension funds. Most Welsh Government civil servants are members of the Civil Service Pension Scheme (CSPS). The CSPS is an unfunded scheme. This means that there is no money set aside for future pensions. Rather, employee and employer contributions are paid directly to the UK Government and pensions are paid out by them. As such, there is no money to be invested.
A small number of staff are members of the Local Government Pension Scheme (LGPS) which is funded scheme with its own investments.
The Wales Pension Partnership and the LGPS in Wales made a joint statement on 2 March, which said: “We are deeply saddened by the situation in Ukraine and our thoughts are with the Ukrainian people.
“Our total exposure to Russian investments is minimal at less than 1%. Even so, in light of the terrible events we have witnessed and the economic sanctions imposed internationally, as a collective we have decided to divest from these holdings as soon as is practically possible. Given the circumstances we do not believe that engagement with these companies presents a viable option.”