UNITED TECHNOLOGIES CORPORATION (UK) PENSION SCHEME YEAR ENDED 31 DECEMBER 2024
STATEMENT REGARDING DC GOVERNANCE
require the Trustee to include an annual statement regarding governance of money purchase
benefits in the annual report.
Money Purchase Benefits
During the Scheme year, the Scheme has contained the following money purchase benefits:
Benefits
transferred into the United Technologies Corporation
In addition, the Scheme provides a number of benefits to members which are subject to an underpin. There is a possibility that these underpin benefits could, in the appropriate circumstances and at certain times, be money purchase benefits. These benefits may be summarised as follows:
Some TACC Benefits are subject to a Guaranteed Minimum Pension (GMP) underpin, so that the
of the TACC Benefits for an individual member is greater than the GMP, this benefit will be money purchase in nature. In these circumstances, the benefits will be treated in the same way as other TACC Benefits, and the comments below about TACC Benefits will apply equally to these benefits. The Scheme also has a number of AVC policies with six providers. The vast majority of the assets are held with three providers. As some of the TACC benefits are determined to have been money purchase in nature during the Scheme year these AVC policies are subject to extra reporting which we have included in this Statement. We have taken a proportionate approach and reported on those AVC providers that hold the vast majority of assets.
TACC Benefits
As noted above, TACC Benefits are any benefits which were transferred into Goodrich on a money purchase basis and subsequently transferred to the Scheme on a money purchase basis on 1 June 2016.
TACC Benefits are invested in the Scottish Widows AVC policy applicable to the Goodrich Section of the Scheme. Members with TACC Benefits are able to choose from the same range of investments that apply to those who have made AVCs to Goodrich or to the Goodrich Section of the Scheme. This means that they may invest in the Lifestyle Investment Option or may self-select their funds from the range available under the policy. There is no default arrangement applying to TACC Benefits for the purposes of the Administration Regulations. As there is no default arrangement, the requirement for a Statement of Investment Principles (SIP) prepared in accordance with regulation 2A of The Occupational Pension Scheme (Investment) Regulations 2005 does not apply. The Scheme is not being used as a qualifying scheme for automatic enrolment purposes.
However, as the majority of members of the AVC policy invest using the Lifestyle Investment Option, further details of this option are provided below.
75% in the SW Aquila 50/50 Global Equity Index CS1 Fund; and 25% in the SW Mercer Diversified Growth CS1 Fund.
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