Public Health staff to invest in tobacco!
It had been previously announced that public health staff transferring to local authorities (LA) in April would be able to retain membership of the NHS Pension Scheme.
Unlike LAs the NHS scheme does not have an investment fund, and so does not have investments in tobacco stocks. By contrast LAs have £1.67 billion invested in these companies.
However the letter available at the link above makes it clear that this protection only applies to the initial post into which an individual transfers. If you subsequently accept a different post, a promotion for example, then you will no longer be able to belong to the NHS scheme in that post (with some exemptions for those nearing retirement). Newly appointed public health staff will also not be able to join the NHS scheme.
What this means is that public health professionals will be obliged either to join the local government scheme and thus invest a proportion of their retirement savings in tobacco companies (except in Newham) or simply not join the local government pension scheme by opting out. A very unsatisfactory situation indeed.
It would clearly be a nonsense, indeed unethical, for public health professionals to invest in tobacco companies. There again it will also be unethical for local authorities to invest in tobacco after March as well. But will they recognise the inherent contradiction and divest?
