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Implementation Statement for the Bradfords Pension Scheme

Covering 6 April 2023 to 5 April 2024

1.      Background

The Trustees of the Bradfords Pension Scheme (the “Scheme”) are required to produce a yearly statement to set out how, and the extent to which, the Trustees have followed the Scheme’s Statement of Investment Principles (“SIP”) during the previous Scheme year. This statement also includes the details of any reviews of the SIP during the year, any changes that were made and reasons for the changes.

A description of the voting behaviour during the year, either by or on behalf of the Trustees, or if a proxy voter was used, also needs to be included within this statement.

This statement should be read in conjunction with the SIP and has been produced in accordance with The Pension Protection Fund (Pensionable Service) and Occupational Pension Schemes (Investment and Disclosure) (Amendment and Modification) Regulations 2018 and the subsequent amendment in The Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations 2019.

A copy of the most recent SIP can be found here.

2.      Investment Objectives and Activity

The Trustees can report that over the year ending 5th April 2024 the decision was taken to purchase a Bulk Annuity Policy from Just Retirement Limited (“Just”) to broadly insure all Scheme non-AVC liabilities. This decision was taken on 26 March 2024 in close collaboration with the Employer based upon regulated investment advice, and this transaction was partly funded by selling all of the Scheme’s legacy assets and partly funded by a one-off contribution from the Employer. 

The Scheme’s legacy assets were liquidated into cash on 3 April, 4 April and 5 April 2024. The cash was transferred to Just shortly after the Scheme’s year-end on 9 April 2024. 

The Scheme’s SIP was subsequently updated in May 2024 to reflect this decision.

3.      Voting and Engagement 

The Scheme does not hold any corporate debt or equity assets, and so the Trustees do not undertake any voting or engagement activities in relation their assets.

The Scheme only held a small amount of equities during the year, prior to their sale in April 2023. Therefore no voting information has been provided.