War on Want and CWU target Post Office pension fund

That is the message from anti-poverty charity War on Want and the Communication Workers Union (CWU) as they launch a new campaign to persuade the Telecom and Consignia pension funds to adopt more positive engagement.

The CWU will be asking members to call on their pension fund trustees to increase the level of engagement they currently have with companies in which they invest.

The engagement will focus on improving working conditions in the Third World.

The communications industry boasts two of the wealthiest pension funds in the UK, with BT’s fund valued at £28bn and Consignia’s at £16bn.

But a recent survey found that 73 per cent of pension holders were in favour of socially responsible criteria being applied to their pension investments.

General secretary of the CWU Billy Hayes said: “The Trade Union needs to be alert to how pensions are invested.

“On the one hand they can be campaigning for progressive policies on international trade and politics, whilst the money that is being contributed to pension funds is being used to support actions which are unfair and repressive,” he added.

Speaking at the launch of the campaign at the CWU’s national conference in Blackpool on Friday, June 28, campaigns director of War on Want Rob Cartridge said: “Harnessing the power of these huge pension funds can make a real difference to workers in the developing world. With the CWU’s support we hope to move corporate engagement to a new level.”