Members of the Avon Pension Fund are divided on whether the £6bn local government pension fund should continue investing in the aerospace and defence (A&D) industry, the results of its member survey have revealed.

The online survey, conducted by independent research agency Prevision Research between 4 and 22 September 2025, invited 26,360 members to share their views.

A total of 2,500 members - representing a 9.5 per cent response rate - took part, with 47 per cent of respondents saying the fund should continue investing in A&D companies, while 42 per cent believed such investments should cease.

A further 11 per cent were unsure.

The Avon Pension Fund, which administers the Local Government Pension Scheme (LGPS) for more than 100,000 members across over 450 employers in the West of England, currently invests around £18m (0.3 per cent of total assets) in A&D companies.

The survey follows a series of petitions urging the Fund to divest from companies supplying defence products, particularly to Israel.

In March 2025, the committee agreed in principle to remain invested in the sector pending the outcome of the member consultation.

The survey found that members were most concerned about the harm caused to civilians and the environmental impact of the A&D sector.

Female members and those under 45 were particularly likely to express these concerns, while male members and those aged 55 or over placed greater emphasis on financial returns, local employment, and the sector’s role in UK and NATO defence.

Overall, almost all respondents said that providing a good and reliable service and helping members understand their retirement options were the most important fund objectives, followed by investing responsibly and maximising financial returns.

Commenting on the findings, Councillor and chair of the fund, Toby Simon, said: “We are very pleased with the response rate, with 2,500 members having shared their view, along with the engagement we have had from members, on what is a difficult issue.

"At its next meeting, the committee will make a final decision on whether the fund should continue investing in A&D," he continued, adding that the survey was a "valuable" input into the committee’s decision-making and will be considered alongside other important factors, including legal and financial considerations.

The next Avon Pension Fund committee meeting, where the issue will be considered, will take place on 12 December 2025 at the Guildhall in Bath.

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