Implementation Statement for the F.Hinds Pension Fund

Introduction

This statement describes the voting and engagement policies of the Trustees of the F Hinds Pension Fund (‘the Trustees’) along with a summary of voting and engagement behaviour related to the Fund’s investments over the 12-month period to 31 March 2025.

This Implementation Statement is to provide evidence that the Fund continues to follow and act on the principles outlined in the Statement of Investment Principles (‘the SIP’). This report details:
- Actions the Trustees have taken to manage financially material risks and implement the key policies in its SIP;
- The current policy and approach with regards to Environmental, Social and Governance (ESG) factors and the actions taken with managers on managing ESG risks; and
- The extent to which the Trustees have followed policies on engagement, covering engagement actions with its fund managers and in turn the engagement activity of the fund managers with the companies in which they invest.

Summary of key actions undertaken over the Fund reporting year

Further significant reconstruction took place over the year to 31 March 2025.

-          In Q3 2024, the BNY Mellon Dynamic Bond Fund was sold for c.£7.4m and the LGIM AAA-AA-A Corporate Bond was sold for c.£1.9m. This cash was allocated across a variety of LGIM funds to back the estimated buyout liabilities whilst using the surplus to track the LGIM index equity performance.

-          With the removal of the BNY Mellon Dynamic Bond Fund, the portfolio is now made up entirely of LGIM, with additional new Buy & Maintain funds, Gilt funds, and a Sterling Liquidity Fund also added in the reporting year.

Implementation Statement

This report demonstrates that the Fund has adhered to its investment principles and its policies for managing financially material considerations including ESG factors and climate change.

Portfolio Managers

As at the end of March 2025, the pension fund invested in the following funds:

-          LGIM Global Equity FW 50:50 Index

-          LGIM All Stocks Gilts Fund

-          LGIM Over 15 Year Gilts Index Fund

-          L GIM All Stocks Index-Linked Gilts Fund

-          LGIM Over 5 Year Index Linked Gilts Fund

-          LGIM Absolute Return Bond Fund

-          LGIM Buy & Maintain 2025-2029 Fund

-          LGIM Buy & Maintain 2030-2034 Fund

This report demonstrates that F Hinds Pension Fund has adhered to its investment principles and its policies for managing financially material consideration including ESG factors and climate change.

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