Councillor Paul Carey has written to the Fund asking if it will consider investing in affordable homes after being contacted by his constituents who are on waiting lists for a new home.
As of 2025, the SPF which was created in 1975 and managed by Glasgow City Council since 1996, had more than 291,000 members, 141 participating employers and investment assets of £31.3 billion.
Councillor Carey has asked the board if it has considered whether investing in affordable housing could deliver both long-term profits as well as meaningful benefits for Fund members.
He has also asked if the SPF has met with any registered social landlords or housing associations to discuss partnership opportunities to deliver affordable housing.
Speaking about the issue, councillor Carey said: “I have been contacted by a number of my constituents who are members of Strathclyde Pension Fund and are currently on waiting lists for affordable housing.
“They have asked whether there has been any progress regarding the Fund’s consideration of investing in affordable housing.
“Given that Strathclyde Pension Fund has around 279,000 members, many of whom are directly affected by the shortage of affordable housing, I believe there is a compelling case for the Fund to explore investments that deliver both strong long-term financial returns and wider benefits for its members.
“The shortage of affordable, good-quality housing is not simply a housing issue, it is increasingly recognised as a public health issue.”
Poor-quality and substandard housing can be associated with poorer physical health outcomes, while overcrowding, insecurity and inadequate living conditions can have a significant impact on mental health and wellbeing.
Individuals living in damp, cold or overcrowded homes are more likely to experience stress, anxiety, depression and disrupted sleep.
Councillor Carey added: “The affordability of private rented accommodation has also become an increasing challenge for many people on low to modest incomes.
“For many working households, particularly those undertaking physically and mentally demanding roles, returning home after a long day’s work should provide a safe, secure and restorative environment.
“Instead, many are living in accommodation affected by overcrowding, antisocial behaviour, poor insulation or other substandard conditions that impact sleep, wellbeing and overall quality of life.
“These are many of the same people who contribute to the Strathclyde Pension Fund throughout their careers. They work hard, contribute to their pension and their communities, and deserve the opportunity to live in decent, affordable homes.
“Yet for many, purchasing a home has become increasingly out of reach due to rising house prices, higher borrowing costs and the challenge of saving for a deposit while meeting everyday living expenses.
“Against that backdrop, investment in affordable housing has the potential not only to generate stable, long-term returns that align with the Fund’s investment objectives, but also to support the long-term health, wellbeing and financial security of many of its own members.”
A spokesman for SPF said: “The fund has £280m invested in housing and continues to look for new investment opportunities. However, it is important to understand that the fund’s primary role is to pay pensions.”
