'They've invested everywhere surrounding Stoke but not Stoke... it's absolutely mad'

City councillors hit out over where £7.55 billion pension fund is invested

- Phil Corrigan

STOKE-ON-TRENT councillors have criticised Staffordshire's £7.55 billion pension fund for investing 'everywhere but Stoke-on-Trent'.

A new report shows that Staffordshire Pension Fund owns industrial estates in the Staffordshire Moorlands and South Staffordshire, and has investments in a Stafford leisure complex, affordable housing in Newcastle and Tamworth and the M6 Toll - but none in Stoke-on-Trent.

The pension fund has members across 544 different employers including local authorities and schools, with Stoke-on-Trent City Council contributing around 20 per cent of its assets.

Members of the city council's audit and standards committee had previously asked for further details around the fund's local investments, raising concerns that Stoke-on-Trent was potentially missing out on millions of pounds.

A report to the committee, based on the response from the fund, explained that it had 'a legal responsibility to act solely in the best interests of scheme members.