Key Takeaways
- • A resident, Jenni Agricola, put a written question to the Isle of Wight Pension Fund Committee (IWPFC) on Wednesday, 28 October 2026, asking when the committee would review the fund's UBS investments, which she said total more than £74 million.
- • The question accuses the investments of being complicit in the "subjugation and annihilation" of Palestinians; Agricola told LDRS she was referring to UBS Asset Management.
- • Committee chair Councillor David Llewellyn (Reform UK) said the committee would not commit to changing manager, product or investment in response to the question.
- • The fund is working to join LGPS Central as a shareholder; until that transfer completes, its investments remain with existing managers.
- • The question follows divestment motions passed by Tower Hamlets and Newham councils concerning companies linked to alleged breaches of international law.
Summary
A resident of the Isle of Wight has challenged the Isle of Wight Council's pension fund over more than £74 million invested with UBS, according to OnTheWight, which republished a BBC Local Democracy Reporting Service (LDRS) story. Resident Jenni Agricola raised the matter at County Hall on Wednesday, 28 October 2026, in a written question to the Isle of Wight Pension Fund Committee (IWPFC). Her question asked when the committee would review what she described as UBS investments "complicit in the subjugation and annihilation of the Palestinian people" and instruct fund managers to invest elsewhere. Referencing the UK government's recent clampdown on trade with illegal West Bank settlements, she said the situation was "three years into a genocide."
Agricola told LDRS she was referring to UBS Asset Management, a large global investment manager. Her probe follows concerns raised by Island campaigners about what they call an "ongoing failure" to debate ethical investment of the authority's pension fund. It also comes after divestment motions were passed by the London councils of Tower Hamlets and Newham relating to companies alleged to be complicit in breaches of international law.
Committee chair Councillor David Llewellyn, Reform UK, said the panel takes its responsibilities as a long-term investor seriously and recognises the importance of responsible investment to scheme members and the wider community. He said responsible investment includes consideration of environmental, social and governance issues, including human rights and their implications for investment risk and returns. He added that any investment decision requires a proper assessment of the evidence, available options and implications for the fund, consistent with the committee's legal duties to members and employers.
Llewellyn said it would not be appropriate to commit to a change of manager, product or investment in response to the question, and that any such decision must be properly justified and consistent with applicable legal duties, including requirements governing decisions based on non-financial considerations. He also said the fund continues to work towards joining LGPS Central, a company that manages the pooled assets of 14 local government pension schemes, as a shareholder. Pending completion of that process, the fund's investments remain with existing managers.
Agricola told LDRS she was referring to UBS Asset Management, a large global investment manager. Her probe follows concerns raised by Island campaigners about what they call an "ongoing failure" to debate ethical investment of the authority's pension fund. It also comes after divestment motions were passed by the London councils of Tower Hamlets and Newham relating to companies alleged to be complicit in breaches of international law.
Committee chair Councillor David Llewellyn, Reform UK, said the panel takes its responsibilities as a long-term investor seriously and recognises the importance of responsible investment to scheme members and the wider community. He said responsible investment includes consideration of environmental, social and governance issues, including human rights and their implications for investment risk and returns. He added that any investment decision requires a proper assessment of the evidence, available options and implications for the fund, consistent with the committee's legal duties to members and employers.
Llewellyn said it would not be appropriate to commit to a change of manager, product or investment in response to the question, and that any such decision must be properly justified and consistent with applicable legal duties, including requirements governing decisions based on non-financial considerations. He also said the fund continues to work towards joining LGPS Central, a company that manages the pooled assets of 14 local government pension schemes, as a shareholder. Pending completion of that process, the fund's investments remain with existing managers.
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