Cemex UK Executives Pension Fund

Cemex UK Executives Pension Fund

The Cemex UK Executives Pension Fund operates as a segregated corporate defined-benefit scheme for former senior employees of Cemex's UK subsidiaries. Established to provide retirement benefits to the building-materials group's UK executive tier, the fund shares a trustee board and service-provider roster with the larger Cemex UK Pension Plan — the main workforce scheme. Both entities sit under the Cemex UK Pension Trust Ltd governance umbrella, with Chair Derek O'Donnell and directors Clare Pickering and Vishal Puri overseeing fiduciary duties. The sponsoring employer remains Cemex UK, a subsidiary of the Mexican multinational Cemex SAB de CV. The fund's investment strategy is executed entirely through SEI, its outsourced fiduciary manager. Under this delegated-CIO arrangement, SEI constructs the portfolio across public equities, fixed income, and illiquid assets — including direct real estate holdings such as the Rugby Cement Plant industrial site in Warwickshire. The fund also participates in Project Advance, a Scottish real asset exposure. SEI manages ESG integration under the fund's signatory status to the UN Principles for Responsible Investment and participation in Climate Action 100+, both routed through the fiduciary manager rather than direct in-house stewardship. The executive fund shares governance infrastructure with the main Cemex UK Pension Plan, concentrating decision authority in a single trustee board across both vehicles. This structure allows the smaller executive scheme to access institutional pricing and manager relationships negotiated at the combined-plan level. The fund has not publicly disclosed aggregate asset figures or a liability-driven investment glidepath. Its direct industrial property holdings suggest a retained appetite for illiquid income-generating assets alongside the broader SEI-managed portfolio — consistent with a mature DB scheme managing cashflow obligations to a closed participant base. The fund's structural differentiator is its complete delegation of investment and ESG functions to a single fiduciary manager while retaining direct ownership of specific industrial real estate assets. This hybrid posture — fully outsourced liquid portfolio management alongside directly held property — reflects a pragmatic approach for a sub-scale DB scheme that lacks an internal investment team but maintains legacy real estate exposures inherited from the corporate sponsor.