Largest UK pension fund sells off Israeli assets amid member anger over Gaza

The largest pension fund in the UK has sold off £80m ($101m) in assets linked to Israel amid internal pressure from members, the Financial Times reported. The Universities Superannuation Scheme manages a total of £79bn in investments and has more than 500,000 members working for universities and higher education institutions in the UK.

It is in this context, with the war on Gaza churning on and Israel’s many decades-long occupation of Palestinian land, that pressure has grown on the fund to withdraw its Israeli investments. At least 40,000 Palestinians were killed in Israel’s ongoing military campaign in Gaza, the vast majority being women and children.

There are charges of genocide against the country at the International Court of Justice ;where as the same court has made a ruling that the occupation of the land of the Palestinians is illegal. According to the Financial Times, USS sold some of its exposure to Middle Eastern markets “in response to apparent financial risks. It has reported anger within the academics union, the University, and the College Union in May over USS’s continued investment in Israeli firms.”.

The union hit out at the USS for refusing to re-examine investments in any companies linked to Israel’s actions in Gaza. The UCU pointed to a statement published by the USS seven days into Russia’s attack on Ukraine, declaring that there was a case, both on “financial” and “moral” grounds, for divestment of its holding in Russia.

The general secretary of the UCU, Jo Grady, had termed the USS’s refusal to divest from companies linked to Israel’s actions in Gaza as “shameful” and had called on the pension fund to reverse its stance. “It’s shameful that the USS still hasn’t made moves toward divesting from Israel’s war machine,” she said.