UNITED TECHNOLOGIES CORPORATION (UK) PENSION SCHEME YEAR ENDED 31 DECEMBER 2024
STATEMENT REGARDING DC GOVERNANCE
Allocation (%) 1 day before retirement age (65)
Allocation (%) 25-year-old
Allocation (%) 45-year-old
Allocation (%) 55-year-old
Asset Class
Cash
1.7 8.7
1.7 8.7
1.7 8.7
100.0
Bonds
0.0 0.0 0.0 0.0 0.0 0.0 0.0
Listed Equities Private Equity Infrastructure
86.9
86.9
86.9
0.0 1.0 0.0 0.0 2.0
0.0 1.0 0.0 0.0 2.0
0.0 1.0 0.0 0.0 2.0
Property/Real Estate Private Debt/Credit
Other
Processing scheme transactions
The Trustee has a specific duty to ensure that core financial transactions (including the transfer of member assets into and out of the Scheme, transfers between different investments within the Scheme and payments to and in respect of members) relating to money purchase benefits are processed promptly and accurately.
TACC Benefits
Goodrich Section of the Scheme and its investment manager Scottish Widows.
The administrator of the Goodrich Section of the Scheme at the start of the reporting period was Mercer Limited who sold their administration business to Aptia UK Limited with effect from January 2024. Due to concerns
AVCs invested with Scottish Widows) to Gallagher Consultants (Administration & Investment) Limited (formerly called Buck Consultants (Administration & Investment) Limited
administration which was completed in May 2024.
The Trustee has reviewed the processes and controls implemented by those organisations and considers them to be suitably designed to achieve its objectives. The Trustee has also agreed service levels with Gallagher (as well as Mercer/Aptia prior to May 2024) & Scottish Widows, both in terms of timeliness and accuracy, and reporting of performance against those service levels. In addition, Gallagher (Aptia prior to May 2024) provides additional oversight of the services provided by Scottish Widows through regular meetings and its quarterly reporting. The service level agreement (SLA) in place with the administrators covers the investment of contributions, payments into and out of the Scheme and responses to general member enquiries. During the Scheme year, core financial transactions encompassed:
Scottish Widows: o
investment switches SLA of 3 Business Days; and o payments out of the Scheme (i.e. transfer-out or retirement payment) - SLA of 5 Business Days. o A summary of Scottish Widows performance against SLAs is summarised in the table below:
17
Made with FlippingBook Publishing Software