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Written question asked by Lord Alton of Liverpool (Crossbench) on Monday, 5 July 2021, in the House of Lords. It was due for an answer on Monday, 19 July 2021. It was answered by Lord Agnew of Oulton (Conservative) on Thursday, 15 July 2021 on behalf of the Treasury.

Public Sector: Workplace Pensions

Question

To ask Her Majesty's Government how much was invested by the (1) Principal Civil Service Pension Scheme, (2) NHS Pension Scheme, (3) Teachers’ Pension Scheme, (4) Local Government Pension Scheme, (5) Firefighters’ Pension Scheme, and (6) Armed Forces Pension Scheme, into (a) Huawei Technologies Co., LTD., (b) Huawei Investment & Holding Co., LTD., and (c) Hangzhou Hikvision Digital Technology Co., LTD, in the period between 2014 and 2020.

Answer

The main unfunded public service pension schemes have not invested in any of the mentioned companies.

Most Public Service Pension schemes are unfunded Defined Benefit pension schemes, with the exception of the Local Government Pension Scheme. Members’ pension benefits are set out in statute and there is no fund of assets from which pension benefits are paid. Employer and employee contributions are paid to the relevant public service pension scheme, but these contributions are not invested. Instead, the public service pension scheme uses the contributions to meet the cost of pensions in payment. Where there is a difference between pensions in payment and total contributions, the difference is made up by HMT through Annually Managed Expenditure (AME).

The Local Government Pension Scheme is a funded scheme in which all the assets are owned by the administering authorities, which are responsible for the management of their investments. The data requested is not held centrally.

Secondary information

Type
Written question
Reference
HL1662
Session
2021-22
Subjects
Investment Workplace pensions Public sector Huawei Hikvision
Contains statistics
Yes
Link
View this Written question on www.parliament.uk