UNISONActive is an unofficial blog produced by UNISON activists for UNISON activists. Bringing news, briefings and events from a progressive left perspective.

Tuesday, 9 November 2010

Canadian Teachers and Council Workers Pension Funds Buy Up UK Rail Link‏

Next time you use the high speed rail link to Europe from St Pancras in London you will be putting money in the pockets of the retired teachers and council workers of Ontario Canada.

An example of the global capital power of worker's pension funds was highlighted when the Ontario Municipal Employees Retirement System (OMERS) and Ontario Teachers' Pension Plan have won a bidding war to acquire the £2.1bn high-speed rail link connecting London with the Channel Tunnel: http://www.globalpensions.com/global-pensions/news/1894788/canada-funds-win-gbp21bn-uk-rail-auction

The British Government, through state-owned London & Continental Railways, launched a competition in June to sell a 30-year concession to own and operate the 68 mile rail network connecting St. Pancras International Station in central London through South Eastern England to the Channel Tunnel.

Borealis Infrastructure, the infrastructure investment arm of the OMERS Worldwide group of companies, and Ontario Teachers' Pension Plan confirmed a binding contract for the purchase of High Speed 1 (HS1), Britain's only high-speed rail link to the Channel Tunnel, following a competitive tender process.

Check out your pension fund you'll be very surprised to see what you own of our public services!