Birmingham Chamber of Commerce Pension Fund – Implementation Statement for the year ended 30 June 2024 1. Purpose This Implementation Statement has been prepared by the Trustee of the Birmingham Chamber of Commerce Pension Fund (the “Fund”). It reports on how, and the extent to which, the policies as set out in the Fund’s Statement of Investment Principles (“SIP”) have been complied with during the year ended 30 June 2024. In preparing this statement, stewardship policies, conflicts of interest and engagement have been reviewed. This review has been conducted by the Fund’s investment adviser (Quantum Advisory) and the Trustee have reviewed and approved the conclusions within this statement. This statement does not cover the additional voluntary contributions of the Fund, due to the size of the holding.
This Statement has been prepared by the Trustee, with the assistance of its Investment Adviser in line with the current regulatory guidance that was in place at the Fund year end. References herein to the actions, review work or determinations of the Trustee refer to activity that has been carried out by either the Trustee, or the Investment Adviser on the Trustees’ behalf.
Over the Fund year: •
The Fund sold all of its invested assets held through pooled investment vehicles in October 2023 and secured a Buy in Policy with Just Group (“the insurer”). The final premium was transferred to the insurer on 18 October 2023 to purchase the policy. The Fund had no investments in pooled investment vehicles as at the Fund Year end.
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The Trustee is of the opinion that it has complied with the relevant policies and procedures as identified in the SIP. The Fund’s SIP was updated in November 2023 to reflect the change in investment strategy.
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The Trustee has remained aware of the relevant policies and procedures as identified in the SIP and received input from its Investment Adviser to aid ongoing compliance.