I would like to cheer at the decision of Kent County Council's pension fund managers to put the interests of fund members ahead of the prosecution of New Puritan nudges:
Kent County Council (KCC) has been criticised for investing nearly £24m in four tobacco firms as part of its pension fund portfolio.
It has invested about £13.5m in the Altria Group, £3.6m in Philip Morris £3.5m in Imperial Tobacco and £3.4m in Japan Tobacco.
The authority said the amount was 1% of all its investments and it had a duty to get the best return for its members.
That's right, these are successful and profitable companies providing an excellent return on investment - I'm pleased that the political correctness of the New Puritans is being ignored by this pension fund. Long may it continue.
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1 comment:
As a pensioner living in Kent, but not a KCC pensioner, given the size of their local pension deficity we who pay our Council Tax are at the point where anything helps. Moreover, if truly those that smoke shuffle off the mortal coil earlier this helps the pension liabilities, cheap fags for KCC pensioners?
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