IPE has reported NEST, the £55bn DC master trust, has refuted suggestions ESG considerations prevent pension schemes from investing in defence. With £260mn already allocated to the sector, NEST emphasised investment approaches should remain flexible and context-driven.

Karen Shackleton, Founder and Chair of Pensions for Purpose, welcomed the report but called for the debate to be reframed around investing in peace and justice. “This would allow investors to think about defence in a different light, answering questions such as ‘How can I protect my energy assets around the world?’,” she explained.

This move opens the way for a wider and positive discussion. Karen encourages asset owners to approach defence allocations in a more sophisticated manner.

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