PROTESTERS will gather at George Square on Wednesday (May 15) demanding the Strathclyde Pension Fund withdraw its £18.9 million investment from four major arms companies.

The protest group want the pension fund, administered by Glasgow City Council, to invest the money more ethically with some of the cash given to homeless services which face £2.6 million in cuts.

Ten homeless projects from eight organisations are expected to have their funding withdrawn later in the year. The council has said giving money from the pension fund to save these services would be illegal.

Sean Clerkin, who has organised the protest, believes some of the money should benefit the public.

He said: “The whole idea of investing in arms companies is morally repugnant. The money should be taken back and invested in public services.

“We believe some of the cash should be used to reverse the £2.6 million in cuts to the homeless services.”

A recent report indicates that the Strathclyde Pension Fund, which is accountable for £22 billion of savings, has invested £18,886,971 in Airbus, Raytheon, Lockheed Martin and Northrup Grumman.

These organisations are believed to have supplied weapons linked to the conflict in Yemen which has led to death of thousands.

During the demonstration the protest group will give a letter to Council Leader councillor Susan Aitken asking the local authority to reverse the investment in these companies.

It reads: “We demand in the name of humanity that you divest the money invested in these merchants of death and instead put this money towards public services.

“We demand you use some of this money to reverse the £2.6 million cuts made to the homeless services last week.

“What we need is an ethical investment policy so that no more money is invested in arms companies.”

Glasgow City Council says the money is not theirs to spend.

A spokesman said: “This would be completely illegal in about half-a-dozen different ways.

“The pension fund isn’t the council’s money to spend – it is the retirement savings of tens of thousands of current and former staff at dozens of employers across the public, private and third sectors.”

The protest will begin at 1pm.