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The annual report of the Universities Superannuation Scheme reminds us that academics permit their pensions to be invested in a scheme with no stated ethical criteria. Unethical investments are increasingly unsound. Tobacco shares recently fell by $1.4 billion in one day because of one court verdict. This year BAT shares plummeted 22 per cent. Pension schemes are dependent on recruiting new members, and younger academics are likely to be more concerned about ethical investment. Academics must question how their pensions are invested.

Christopher Williams, School of education, University of Birmingham