Bermuda has been highlighted in the row over tax avoidance in the UK.

News websites have reported that national broadcaster, the BBC, had nearly $120 million from its pension was invested by Bermuda-based investment managers Nephila Capital, according to its own financial statements for 2013.

The spotlight was turned on offshore jurisdictions after the Panama Papers leak of 11.5 pages of documents from law firm Mossack Fonseca.

Prime Minister David Cameron came under fire after the Panama Papers revealed that his late father Ian had set up Bahamas-based Blairmore Holdings through Mossack Fonseca.

The Prime Minister said he and his wife, Samantha, had owned shares in Blairmore, a dollar-denominated global equity investment fund, which they sold in 2010.

Mr Cameron said he had made around $48,000 from the sale of the shares.

The prime minister defended his father, calling accusations of tax evasion “hurtful and profoundly untrue”.

And he added that he personally had sold his shares in his father’s company in 2010, before he became Prime Minister.

The website Guido Fawkes said: “Cameron’s taxes and the Panama Papers have led the BBC news bulletins for the past week, yet licence fee payers remain unenlightened about Auntie’s own offshore financial arrangements.”

The site said nearly $120 million of the BBC’s $12.8 billion employee benefits scheme had been invested by Nephila.

It added: “As the BBC lines up pundits to jump on the outrage bus about Dave’s £30,000 in a Panamanian unit trust, they stashed £84 million with investors based in Bermuda.”

A BBC spokesman said: “All pension funds manage a range of investments to diversify the risk in their portfolios.

“The BBC pension scheme’s investments abroad don’t give us any tax advantage as pension-scheme investments aren’t typically taxable.”