UNITED TECHNOLOGIES CORPORATION (UK) PENSION SCHEME YEAR ENDED 31 DECEMBER 2024
STATEMENT REGARDING DC GOVERNANCE
Monthly SLA Performance
Core Financial Transaction
Jan 24
Feb 24
Mar 24
Apr 24
May 24
Jul 24
Aug 24
Sep 24
Nov 24
Dec 24
Jun 24
Oct 24
Investment Switches Payments Out
-
-
-
-
-
-
-
-
-
-
-
-
100% 100% 100% 100% 100%
100%
100% 100% 50%
75%
100% 100%
Aptia: o
Death payments SLA of 3 Business Days. o Retirement SLA of 13 Business Days; and o Transfer out of the Scheme - SLA of 15 Business Days. o Aptia achieved an SLA performance of 100% up to 31 May 2024 for all items except transfers out of the Scheme where 95% of tasks were completed within SLA.
Gallagher o
Death payments SLA of 5 Business Days. o Retirement SLA of 7 Business Days; and o Transfer out of the Scheme - SLA of 10 Business Days. o
in May 2024 is summarised in the table
below:
Quarterly SLA Performance
Core Financial Transaction
Q3 24
Q4 24
Death Payments
59%
59%
Retirement Payments
58%%
45%
Transfers Out
76%
62%
Gallagher (previously Aptia) provides quarterly reports to detail the service performance in each of these areas, relative to the SLAs in place. The Trustee monitors compliance with these service levels as well as any complaints raised by members or issues identified in terms of the accuracy of core financial transactions during dedicated Benefit Sub-Committee meetings, as well as regular Trustee meetings.
AVCs
Scottish Widows. The Trustee has agreed service levels with Scottish Widows, both in terms of timeliness and accuracy against those service levels, covering the processing of contributions, investment of contributions, payments out of the Scheme and responses to general member enquiries. Scottish Widows (via Aptia prior to May 2024 & Gallagher from May 2024 onwards) provide quarterly reports to detail the service performance in each of these areas, relative to the service level agreements in place. The Trustee monitors compliance with the service levels alongside that of TACC benefits at regular Benefit Sub-Committee and Trustee meetings.
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