Thank you for your request for information about the following:

Request

I would like to request information regarding where NHS pensions are invested? Does the money go back into the NHS or is it invested externally, and if so, in what areas is it invested please (e.g. oil, arms, health, green projects?).

The NHS Business Services Authority (NHSBSA) received your request on 12 March 2025.

We have handled your request under the Freedom of Information Act (FOIA) 2000.

Our response

I am writing to advise you that following a search of our paper and electronic records, I have established that the information you requested is not held by the NHS Business Services Authority.

Advice and Assistance

Please note the NHS Pension Scheme does not make investments. The following Scheme guide is available on our website:

https://www.nhsbsa.nhs.uk/sites/default/files/2024-05/2015%20Members%20Guide%20%28V13%29%2005.2024.pdf https://www.nhsbsa.nhs.uk/sites/default/files/2024-05/1995-2008%20Members%20Guide%20%28V25%29%2005.2024.pdf

The Scheme guide advises the following:

Pension Scheme Fund

The NHS Pension Scheme does not have an invested pension fund as per private sector pensions, but as a statutory scheme, benefits are fully guaranteed by the government.

Contributions from both members and employers are paid to the Exchequer, which meets the cost of Scheme benefits.

Publishing this response

Please note that this information will be published on our Freedom of Information disclosure log at:

https://opendata.nhsbsa.net/dataset/foi-02653

Your personal details will be removed from the published response.

Data Queries

Please contact foirequests@nhsbsa.nhs.uk ensuring you quote the above reference if you have any specific questions regarding this response; or, if you feel you may be misunderstanding or misinterpreting the information; or, if you plan on publishing the data.

Reusing the data and copyright

If you plan on producing a press or broadcast story based upon the data please contact communicationsteam@nhsbsa.nhs.uk. This is important to ensure that the figures are not misunderstood or misrepresented.

The information supplied to you continues to be protected by the Copyright, Designs and Patents Act 1988 and is subject to NHSBSA copyright. This information is licenced under the terms of the Open Government Licence detailed at:

http://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/

Should you wish to re-use the information you must include the following statement: “NHSBSA Copyright 2025” Failure to do so is a breach of the terms of the licence.

Information you receive which is not subject to NHSBSA Copyright continues to be protected by the copyright of the person, or organisation, from which the information originated. Please obtain their permission before reproducing any third party (non NHSBSA Copyright) information.