The Cadbury Mondelez Pension Fund recently published its “Implementation Statement for year ending 5 April 2025,” detailing investment activities and policy adherence for both its Defined Benefit (DB) and Defined Contribution (DC) sections.
DB Section Strategic Asset Allocation Revised
The DB Section’s Statement of Investment Principles (SIP) was updated in March 2025 to reflect the latest asset allocation. This revision follows the natural de-risking of the portfolio as illiquid assets wound down organically. The Trustee, advised by its investment adviser, also updated the respective expected returns for each asset class. (Source: Implementation Statement for year ending 5 April 2025, page 2)
Liquid Credit Mandate Fully Redeemed
Prior to the start of the Fund Year (April 6, 2024 – April 5, 2025), de-risking triggers were met, leading to a full redemption of the Liquid Credit mandate. Residual holdings were sold down over the Fund Year, and the mandate account was closed post-Fund Year. (Source: Implementation Statement for year ending 5 April 2025, page 2)
Diversified Private Debt Distributions Continue
Over the Fund Year, the Diversified Private Debt (DPD) allocation distributed £36 million on a net basis. The investment period for DPD holdings is anticipated to conclude in June 2025, with principal redistributions projected to commence in September 2025. (Source: Implementation Statement for year ending 5 April 2025, page 2)
Private Credit Markets Strategy Distributes £62 Million
The investment in the Private Credit Markets Strategy distributed approximately £62 million over the course of the Fund Year. (Source: Implementation Statement for year ending 5 April 2025, page 2)
DC Section to Add Shariah-Compliant Investment Option
As part of the triennial investment strategy review completed in March 2025, the Trustee concluded that no changes should be made to the investment strategy for the DC Section, other than to add a Shariah-compliant investment option to the AVC fund range. This addition aims to meet members’ investment needs. (Source: Implementation Statement for year ending 5 April 2025, page 21)
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