UNITED TECHNOLOGIES CORPORATION (UK) PENSION SCHEME YEAR ENDED 31 DECEMBER 2024
STATEMENT REGARDING DC GOVERNANCE
Other services paid for by the sponsoring employer were excluded but nevertheless deliver value to members, including the services of professional advisers and the operation of the trustee board, with a duty to act in the best interest of members.
TACC Benefits
-borne charges and transaction costs relate to
investment, administration and communication services. The assessment considered:
in relation to investment services: o the investment strategy, e.g. the design of the default and range of alternative options o the arrangements for monitoring the performance of the investment options and reviewing the investment strategy o the investment governance arrangements in relation to administration services: o the general administration arrangements o arrangements in relation to financial transactions o data and record keeping in relation to communication services: o communication strategy o pre-retirement communications o at/post-retirement communications
charges and transaction costs borne by members. In reaching this conclusion, the Trustee recognised:
The member-borne charges levied during the Scheme year are lower than those levied by occupational DC pension schemes of a similar size but higher than those of a larger size. The Trustee has implemented a robust governance structure to monitor administrative and investment
The Trustee began the process of reviewing the continued suitability of the Scottish Widows AVC arrangement, the continued suitability of the Lifestyle Investment Option and wider fund range.
AVCs In relation to AVCs, the member-borne charges and transaction costs relate to investment (investment only in respect of L&G AVCs), administration and communication services. The assessment considered the broad value for members of these services, taking a proportionate approach that reflects the relatively low value of the AVC pension savings concerned and that as both Scottish Widows AVCs and TACC Benefits are held in the s ment of TACC Benefits above.
and transaction costs borne by members. In reaching this conclusion, the Trustee recognised:
The costs are broadly in line with AVC arrangements of a similar size and closed nature.
Year which was completed during the 2025 Scheme Year.
25
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