Schemes are looking to exit investments in Russian securities
The £57bn BT Pension Scheme has been reducing its exposure to Russian securities since the beginning of the year, the scheme says.
In a statement this morning, the scheme said its exposure to Russian securities had been relatively small due to governance concerns and ownership rights associated with the region.
It said that since the beginning of the year it has been working closely with its investment managers to minimise this exposure in a disciplined manner.
The scheme said that, as at the end of February, around 0.05% (£30m) of the scheme's asset portfolio was invested is Russian securities compared to around 0.3% (£192m) as at the end of December last year.
The scheme said it will look to reduce its exposures further if market conditions allow - noting it continues to monitor the situation in the region, taking appropriate steps to protect the scheme and its members.
This comes after a number of schemes have announced they have reduced or frozen exposures to Russian securities.
Yesterday, The Guardian reported that government-backed auto-enrolment master trust Nest would be removing all its investment in Russian government bonds and Russian companies as soon as possible - adding that asset managers such as Abrdn and Legal & General Investment Management were also trying to divest.
The £82bn Universities Superannuation Scheme (USS) also announced it was cutting its investment in the country yesterday (1 March) saying "there was a clear financial as well as a moral case for divestment" with regards to the scheme's Russian holdings.
