Introduction
The Devon Pension Fund invited all members to share their views on how the Fund’s investments are managed.
Members were advised of how to participate in the online survey via the Member’s Newsletter. Those members that had chosen to only communicate with the fund via the postal service each received a paper copy of the survey to complete (together with a postage paid return envelope).
A total of 5,223 pension fund members responded, 2,008 on-line and 3,215 by post. This equates to around 3.8% of total fund members.
The results questions in the survey are published below:
Q: What type of member are you?
On-Line Survey
Postal Survey
Total Responses
Breakdown of category of membership
Q: Investment Strategy – Your Views
Please rate each of the following, in terms of importance to you, in how the Devon Pension Fund manages its investments (1 = No importance / Don’t Know, 2 = Minor Importance, 3 = Fairly Important, 4 = Significant Importance, 5 = Very important)
Maximising investment returns at an appropriate level of risk
Investing in companies that are seeking to transition their business in response to climate change
Reducing the carbon footprint of the Fund’s investments
Engaging with companies on a wide range of responsible investment issues, e.g. climate change, human rights, social impact, employment standards, diversity of company board, etc.
Keeping down the management fees paid to the fund management companies who manage the Devon Pension Fund’s investments
Making Investments that will have an impact on Devon or the wider South West, such as local affordable housing, sustainable infrastructure or support for small and medium sized businesses
Please rank the above issues in order of importance to you (1= most important, 2 = next most important, etc.)
Please rank the following issues in order of importance to you in how the Fund engages with and/or selects the companies in which it invests
Q: What are your views on whether the Devon Pension Fund should be invested in the following types of companies?
Fossil Fuel Supply Companies
Manufacturers of controversial weapons such as biological and chemical weapons, cluster bombs and anti-personnel landmines
Arms manufacturers who supply conventional weapons
Companies based in countries that are violating international criminal law, including war crimes, crimes against humanity or crimes of genocide
Tobacco Companies
Q: Are there any other issues of concern that you would like to highlight?
Summary of Comments via AI (Artificial lntelligence – CoPilot)
The responses show a wide spread of views, but several themes dominate. A very large proportion of commenters emphasise that the primary duty of the Pension Fund is to maximise returns with an appropriate level of risk, protect the long‑term solvency of the scheme, and avoid being drawn into what some describe as political, ideological or “woke” considerations. Many express concern about government interference, centralisation of LGPS investment decisions, or being pushed toward riskier or politically‑motivated investment areas (particularly UK‑only projects). A significant number also raise issues about administration, communication and transparency, including clearer pension information, faster processing at retirement, lower management fees, and better explanation of responsible investment policies.
Alongside this, a very substantial set of respondents raise ethical concerns that should influence investment. These include strong calls for divestment from fossil fuels, avoidance of companies with poor human rights records, and particularly widespread objections to investments linked to arms manufacturers or companies associated with the conflict involving Israel and Palestine. Many also highlight climate change, biodiversity, animal welfare, treatment of workers, and modern slavery as important factors. A number of respondents support investment in green energy, sustainable infrastructure and local South West projects, provided that risks are controlled and returns remain competitive.
The following chart shows how often different issues appeared in the 1,200+ comments. Themes were identified using keyword groups (e.g., “return”, “risk”, “performance” → Returns/Risk; “climate”, “fossil”, “carbon” → Climate/Environment).
Frequency of issues that appears in Comments
Q: Awareness and Interest
Q: Please rate each of the following, in terms of your awareness and interest wareness and Interest
(1 = No interest/awareness, 2 = Little interest/awareness, 3 = Some interest/awareness, 4 = Significant interest/awareness, 5 = Strong interest/awareness)
What level of interest do you have in how the Pension Fund invests the money held to pay pensions?
Are you aware of the Fund’s policies on addressing climate change through its investments?
Have you seen the Devon Pension Fund Annual Report 2023/24, including the sections on investment performance, stewardship and climate change?
On-Line Responses
Postal Responses
Prior to this survey, were you aware of the Fund’s website – www.devonpensionfund.org.uk?
On-Line Responses
Postal Responses
Were you aware of the Devon Pension Fund Annual Consultative Meeting for pension fund members, held in February?
On-Line Responses
Postal Responses
