The Birmingham Chamber of Commerce Pension Fund – Implementation Statement for the year ended 30 June 2025 1. Purpose This Implementation Statement reports on how, and the extent to which, the policies as set out in the Scheme’s Statement of Investment Principles (“SIP”) have been complied with during the year ended 30 June 2025. This has been reviewed with respect to stewardship policies, conflicts of interest and engagement.
2. Background 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.
3. Executive summary Over the year: •
The Fund had no investments in pooled investment vehicles.
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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 dated November 2023.
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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.
4. Investment Managers’ voting policies Trustee’s voting and stewardship policies
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 (“Just”, the insurer”). The final premium was transferred to the insurer on 18 October 2023 to purchase the policy. The Fund did not hold any invested assets during the reporting period. As the Fund did not hold any direct ownership of equity securities, there was no voting activity to review during the year. The bulk annuity policies will not be reviewed as part of this exercise, as the Trustee has no discretion or influence as to how monies are invested by Just. The day-to-day management of the investments (including the responsibility for voting and engaging with companies) is delegated to Just. Just therefore invest in a portfolio of assets to back the bulk annuity policy.
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Birmingham Chamber of Commerce Pension Fund – Implementation Statement