The FT, like the Telegraph, are keen to talk up the adamant attitude of People’s Pension and Nest to run ethical funds that do not invest in defence stocks. This despite calls from 100 Labour MPs to increase fund investment to meet the need for more capital if Britain is to play its part in defending  Ukraine and others.

The argument is a little silly, Nest has £50bn (there or thereabout) and £390m invested in a fund that excludes most defence stocks. That isn’t even  1% of total funds in the trust, the rest of the money is invested without such constraints.

My understanding is that People’s pension , which has £33bn under management has similar proportions invested in exclusive funds of this type. The point is that most people support British intervention in  areas where humanity is at threat, we could think of areas of Africa, the far and middle east and we passively accept an increase in our taxes being used to protect people in such areas.

Russia is a threat to Ukrainians and everyone I speak to from office to church is opposed to the withdrawal of  information that protects civilians as well as the military in Ukraine. We should not stand by at such times, if we had the equipment to replace the Americans we should and no doubt would. But we have too little money invested in our defences to make them available whether it is ourselves or innocent people who are being put at risk by aggressors.

We have had a lot of discussion on this blog about what can be done with the money in schemes such as Nest and People’s. Most of the debate comes from Chairs of large DB trusts and some by those who are executive to Commercial DC funds. There is a recognition that there are some pacifists and those with certain religious beliefs for whom an investment in a defence stock is too close to an act of aggression for them to involve themselves.

If they are in a DC plan, they can opt-out if such stocks are purchased. But they cannot opt out of paying tax and they cannot opt out of being a part of a funded DB plan that invests in defence stocks if already in one. Unless they walk away from British taxation and British pensions they must pay for the kind of equipment at the top of this blog. Saying “no” is walking away from income to pay their and their loved one’s bills. They are necessarily sponsoring our defence budget by participating in society.

Where we are is a day away from the start of pension’s big investment conference. At 1.20pm I am going to sit down with my phone and watch and listen to the Supreme Novice Hurdle at Cheltenham and then I am going to listen to the Supreme Novice Pension Minister at 1.40pm. I hope I back two winners!

Torsten Bell is new to the job and I suspect we will look back on his time changing pensions as the first race which will take him to the political equivalent of a Champion race. It will be a speech which will define what we expect from Torsten Bell and the Pension Bill which will be following soon.

To suppose that he will confine himself to discussing pension dashboards and auto-enrolment contributions is naive. I have been on platforms with him when he was at the Social Foundation, I have read his books, he has helped me with my thinking.

I was talking to one of his colleagues from SFA last week and I know SPADs and DWP pension advisers who say the same thing.  They say that we are not dealing here with a man or a Government who will allow the needs of people in trouble to wait for lengthy arguments about fiduciary powers. I hope they are right, I am sure they are right.

I will be with Mary McDougall tomorrow in the same press room. She wrote the article which I am commenting on and you can read it here.

I do not claim to be full time press but I think the press benefit from my blog as I do from their articles.

Mary is right, people have the right to invest as pacifists and we should respect their views as we have done over generations. But we cannot be defensive by not investing in defence stocks, unfortunately we need to have the capability to stop Ukrainians being bombed or Syrians being put to death in unspeakable ways. That is what we do as a great nation.

I am proud to be British right now, I like the way we are standing up for those who are being wronged and I am prepared to pay a price to do so. I would prefer that some of my pension was invested to make this easier , rather than help in other areas or world relief being cut. But in the end I put the decision on what is to be done in the hands of other people. I will be listening to investors this week at the PLSA. I will make my voice heard if asked but hope that the voices that will be heard loudest are the young, who have most interest in the future state  of our planet  and the way we govern it.

As a footnote, I look forward to hearing more from Mark Carney. We are not yet a global autocracy.

A voice of reason to the fore in neighbouring Canada.