Largest UK Pension Fund Withdraws Investment in “Israel”

By Staff, Agencies

The UK's largest pension fund has sold “Israeli” assets worth £80 million [$108 million], the Financial Times reported on Thursday. By doing so, the USS fund joins a series of global pension funds withdrawing investments due to public pressure following the genocide in Gaza.

According to two people familiar with the matter, the fund, which manages £79 billion in assets and has more than 500000 members, has significantly reduced its exposure to “Israeli” investments over the past six months, including in government bonds “Shekel”. They noted the fund began selling its holdings in bonds and currency as early as March.

The move was driven by ongoing pressure from fund members who shed light on human rights violations by “Israel” since October 7. Most of the fund's members are employees in the higher education sector, including lecturers at prestigious universities such as Oxford and Cambridge.

In its annual report published last month, USS said it had a “legal duty to invest in the best financial interests of our members and beneficiaries.” The report also revealed the fund reduced its exposure to the Middle East “in response to clear financial risks.”

The move follows similar actions by other major pension funds worldwide, which have sold assets related to Israel due to pressure from their members. In June, for example, Norway's largest private pension fund, KLP, announced it sold nearly $70 million in holdings of American equipment manufacturer Caterpillar, citing concerns its equipment is used to harm Palestinians.