The Government this week published a Bill to ban LGPS administering authorities from making investment decisions influenced by political and moral disapproval of foreign state conduct, except where this is required by formal Government legal sanctions, embargoes, and restrictions. The Board will consider this Bill, and what briefing it offers to parliamentarians on the questions raised by it, when it meets on 17 July.

However, we would point out that LGPS is a well-funded and well-run scheme. Administering authorities take their statutory and fiduciary duties around the investment of pension funds very seriously. They also take very seriously their duties under the Equality Act to foster good relations between different communities and to eliminate discrimination. As far as the Board is aware, there is no evidence that any LGPS fund has instituted inappropriate politically motivated boycott or divestment policies.