A UK government-backed pension scheme responsible for managing the retirement funds of UK workers has been investing in a key Israeli weapons manufacturer, Novara Media reported on Saturday.

UK workers contributing to Nest’s Retirement Date Fund starting in December 2024 are indirectly financing Elbit Systems, "Israel’s" largest defense company, which markets its weapons as proven in combat by the Israeli military during operations in Palestine.

As the pension provider for roughly a third of all UK workers, Nest has grown to become the country's largest scheme by membership, with 13.5 million savers entrusting it to manage their £45.3 billion in retirement assets.

Nest's Retirement Date Fund started investing in Elbit 15 months into "Israel's" war on Gaza, six months after UN experts warned that ongoing business with arms suppliers to "Israel" risked complicity in potential atrocity crimes.

Nest confirmed to Novara Media that its Higher Risk Fund also holds investments in Elbit, while acknowledging that customers' money across both funds may have been previously exposed to the company before December 2024 through UBS Asset Management's investments in the FTSE All-World Index.

Elbit Systems fuels Israeli genocide

Elbit Systems, which provides "Israel" with military drones, munitions, guided rocket systems, and surveillance technology currently being deployed in Gaza, has seen its weapons used in a genocidal war that has resulted in the deaths of over 61,000 Palestinians since October 2023.

Elbit Systems produces the Hermes 450 drone, which was deployed in the April 2024 strike that killed seven World Central Kitchen aid workers, including three British citizens, while also manufacturing the MPR 500 multi-purpose bomb specifically engineered for urban combat environments, with its 26,000 controlled fragments designed to maximize lethal effectiveness in densely populated areas.

The Haifa-based firm recently announced higher profits following a 20% rise in aerospace sales, primarily of precision-guided weapons.

According to foreign surgeons providing volunteer care in Gaza during July 2023, many child patients were killed, had their limbs amputated, and suffered catastrophic injuries caused by IOF artillery and missiles, specifically engineered with added metal components to maximize shrapnel dispersion when detonated in populated neighborhoods.

Weapons specialists confirmed that the physicians' descriptions of small puncture wounds coupled with severe internal trauma in young victims matched the effects of Elbit's M339 artillery round and M329 APAM cluster munition.

Nest says it invests 'responsibly', no plan to change investment strategy

Nest asserts that it follows a "responsible" investment strategy, with its website declaring that this approach benefits both savers' finances and broader societal and environmental wellbeing through what it describes as responsible investment.

During a live chat on May 23, a Nest representative explained that defense companies likely offer strong returns, suggesting this may have influenced their fund managers' decision to include such investments.

The Nest customer service representative confirmed that defense industry investments are already included in the scheme's portfolio, explaining that members invested in the default fund already have exposure to these military contractors through Nest's existing holdings.

A Nest spokesperson explained to Novara Media that their responsible investment strategy incorporates multiple policies designed to protect members' interests, including a controversial weapons divestment framework that adheres strictly to both UK legislation and international legal standards.

“The UN Global Compact is embedded across our investment portfolio, requiring our fund managers to screen our investments for breaches against the principles of the compact when investing on our behalf. While we have no current plans to change our investment strategy, we continue to keep it under review.”