More than 2,100 members took part in the survey. The results have given us a valuable insight into what matters most to you when it comes to:
- responsible investment
- defence and aerospace investments
- investing locally
Responsible investment: balance matters
Most respondents told us they are familiar with responsible investment and generally support it. Many members feel pension investments should avoid causing harm or contribute positively to society, but not at the expense of paying pensions. A significant number highlighted the need to balance ethics and financial returns, rather than treating them as competing priorities.
There was strong support for an engagement led approach – staying invested in companies and using influence to encourage positive change, with clear consequences if progress is not made.
Many of you told us you want clearer, more accessible information about what the fund's responsible investment policy means in practice, including real world examples and plain English explanations.
Defence and aerospace: conditional support
Investment in defence and aerospace companies prompted thoughtful and sometimes strongly-held views. Overall, most members did not support blanket divestment. Many recognised the importance of these companies to national security and the UK's industrial base, while also stressing the need for strong engagement to reduce harm to civilians in conflict affected areas.
Some members expressed ethical objections, particularly around human rights and specific conflicts. Across all views, there was a clear expectation that decisions should be active, transparent and clearly explained, with clear limits and consistency.
Local investment: strong support, clear priorities
Members were broadly supportive of investing locally, though opinions varied on what ‘local’ means. Around two thirds favoured investment with a clear link to Oxfordshire, while others supported a wider UK focus.
Priorities were clear:
- renewable and net zero energy
- nature based solutions
- affordable housing
Support for local businesses ranked highly. Members welcomed local and impact investment as part of a balanced portfolio, provided decisions remain focused on long term value.
What happens next
Your feedback shows there is no single view that fits everyone. What unites members is a desire for clarity, transparency and reassurance that pensions remain secure. We will use your views to improve how we explain our investment approach and decisions going forward.