UNITED TECHNOLOGIES CORPORATION (UK) PENSION SCHEME YEAR ENDED 31 DECEMBER 2024
Regular, quarterly distributions from investment managers amounting to £33.4m were received in the year from Insight (£21.7m), Legal & General Secure Income Fund (£4.8m), Aviva Secure Income Fund (£2.8m), BlackRock Secure Income Fund (£3.9m) and M&G Property Fund (£0.2m). These monies were required and retained for cashflow purposes.
The Scheme's investments are made in accordance with The Occupational Pension Schemes (Investment) Regulations 2005.
Custodians
The CIF Administrator is responsible for appointing and replacing custodians. Bank of New York Mellon has been the overall custodian since November 2009.
The Trustee is satisfied that the CIF has controls in place to ensure that the investment management and the custody are adequately controlled.
Investment performance
The returns in respect of the Scheme assets held within the CIF have been as follows:
Year to 31 December 2024 - 5.10% decrease. 3 years to 31 December 2024 (annualised) - 13.63% decrease. 5 years to 31 December 2024 (annualised) - 5.35% decrease.
The Asset Backed Funding arrangements decreased in value by 6.09% from £220.0m to £206.6m during the year.
Market volatility
As noted in this report, the and segregated investment in bonds values in order
There are currently no concerns regarding the Scheme funding level, its ability to meet the payment of benefits to members, or its ability to continue as a going concern.
The Trustee continues to monitor the situation and is well placed to take any further action as required.
Employer related investments
At 31 December 2024, there were no holdings of assets that were indirectly invested in RTX, the ultimate parent of the principal employer of the Scheme (2023; less than 0.01% through pooled investment vehicles with BlackRock).
Environmental, Social and Governance considerations
material impact on the companies, governments and other organisations that issue or otherwise support the assets in which the Scheme invests. In turn, ESG issues can be expected to have a material financial impact on the returns provided by those assets.
11
Made with FlippingBook Publishing Software