June 1, 2020 / 8:10 AM / a month ago

UK pension scheme USS to ditch sectors including tobacco

LONDON (Reuters) - Universities Superannuation Scheme, Britain’s largest private pension scheme by assets, said it plans to ditch companies in a number of sectors it deems “financially unsuitable” over the long term, including tobacco manufacturing.

Companies which make more than 25% of their revenues from thermal coal and those with ties to controversial weapons including cluster munitions, landmines and white phosphorus will also be excluded, it said in a statement on Monday.

Reporting by Simon Jessop; editing by Carolyn Cohn

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