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 2023. 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 Trustee is of the opinion that it has complied with the relevant policies and procedures as identified in the SIP.
•
The SIP was last reviewed in March 2023 to reflect the changes in the Fund’s investment strategy as the Fund targets a buy-out with an insurance provider.
•
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.
Over the Fund year, the Trustee updated the SIP to incorporate changes to their investment strategy as the Fund targets a buy-out. This included amending the investment strategy so that it had a higher correlation with the expected cost of buy-out. To do this the Fund used “matching assets” which exhibit similar characteristics to the Fund’s liabilities.