A £24 billion public sector pension fund should be invested locally, East Ayrshire Council agreed last week.

Strathclyde Pension Fund has more than 250,000 members, including East Ayrshire Council employees.

At the last full council meeting of the year, Labour councillor John McGhee proposed a motion calling for the fund to invest in the local economies where members live and work.

The motion said funds governance should be reviewed so every local authority has a say in the operation of the fund.

It was agreed the council would lobby Strathclyde Pension Fund “for a proper direct local investment strategy; that invests in the local and regional economies that the funds members live and work; and invests in projects that provide a financial return to the fund whilst delivering wider economic and social benefits for communities across the funds area”.

Councillor McGhee’s motion said: “The centre for local economic strategies (CLES) have described public sector pension funds as ‘reservoirs of local wealth’ that could be invested to support community wealth building.”