UoDSS Implementation Statement 2025

This Implementation Statement ('Statement') has been prepared in accordance with applicable legislation, taking into account guidance from The Department for Work and Pensions for the period from 1 August 2024 – 31 July 2025 ('the Scheme Year').

The Scheme's reporting period for each fund is the holding period of that fund across the Scheme Year.

The Statement sets out how, and the extent to which, the Trustee's policy in relation to exercising voting rights has been followed during the year by describing the voting behaviour on behalf of the Trustee of the Scheme.

The Trustee has appointed Minerva Analytics ('Minerva') to obtain voting and investment engagement information ('VEI') on the Scheme's behalf.

This Statement includes Minerva's report on key findings on behalf of the Trustee over the Scheme Year.

A summary of the key points is set out below.

aberdeen (previously "abrdn")

aberdeen stated that there was no voting information to report due to the nature of the underlying holdings. The manager provided basic firm-level information on engagements that was in line with the Scheme's reporting period. From this Minerva was able to confirm that the activity appeared to broadly comply with aberdeen's own engagement approach and so complies with the Scheme's approach.

Partners group

Partners Group stated that there was no voting information to report due to the nature of the underlying holdings. Partners Group didn't provide any data on engagement activities, although they did provide some examples of engagements at firm level, however, this was not in line with the Scheme's reporting period. Despite this Minerva was able to confirm that the activity appeared to broadly comply with Partner Group's own engagement approach and so complies with the Scheme's approach.

LGIM

For the LDI Matching Core Funds and Synthetic Leveraged Equity Fund (including GBP hedged variant), LGIM stated that there was no voting or engagement information to report due

to the nature of the underlying holdings. There was no voting information to report for the Short-Dated Sterling Corporate Bond Index Fund due to the nature of the underlying holdings.

In relation to the Dynamic Diversified Fund, it was determined by Minerva that LGIM's public voting policy and disclosures are broadly in line with good practice as represented by the International Corporate Governance Network ('ICGN') Voting Guidelines Principles, bearing in mind the Scheme's stewardship expectations. LGIM provided a summarised voting record although this was not in line with the Scheme's reporting period. Significant votes were also provided. From this, Minerva was able to confirm that the manager's voting activity was in line with the Trustees' policy.

For the Dynamic Diversified Fund and Short-Dated Sterling Corporate Bond Index Fund, LGIM provided basic fund-level information on engagements although this was not in line with the Scheme's reporting period. Despite the basic level of information, Minerva was able to confirm that the activity appeared to broadly comply with LGIM's own engagement approach and so complies with the Scheme's approach.

Final comments

Since last year, aberdeen have provided less detailed engagement information, only providing basic firm level information.

In line with last year, further improvement is needed from LGIM to provide more details on engagements and to provide voting and engagement information in line with the Scheme's reporting period.

Partners Group have continued to provide limited engagement information, however, did not provide voting information this year. Last year, a summarised voting record was provided. Less than 1% of this fund is allocated to listed equities to provide liquidity to the portfolio. We would expect the listed equities to have voting information this year, but none was provided. The Trustees have reached out to Partners Group for comment but note that these listed equity holdings are somewhat immaterial in the context of the portfolio.