UNITED TECHNOLOGIES CORPORATION (UK) PENSION SCHEME YEAR ENDED 31 DECEMBER 2024
STATEMENT REGARDING DC GOVERNANCE
The Trustee did however note that due to the administration issues outlined above, this detracted value in
administration to normal levels is outlined
Processing scheme transactions
above).
Trustee knowledge and understanding
The Trustee Board comprises six Trustee Directors. Sections 247 and 248 of the Pensions Act 2004 set out the requirement for Trustee Directors to have appropriate knowledge and understanding of the law relating to pensions and trusts, the funding of occupational pension schemes, investment of scheme assets and other matters to enable them to exercise their functions as trustees properly. This requirement is underpinned by relate to the Trustee as a body in dealing with the whole Scheme and are not restricted to money purchase benefits. documents such as the Statement of Investment Principles (SIP), the risk register and current policies, e.g. conflicts of interest. They do so through their experience in governing the Scheme, as well as specific activities over the Scheme year and access to professional advice. The Trustee aims to achieve and maintain knowledge and understanding of the law relating to pensions and trusts, the funding of occupational schemes and investment of scheme assets through a combination of training and taking professional advice. The Trustee has put in place arrangements for ensuring that Trustee Directors take personal responsibility for keeping themselves up to date with relevant developments and aims to carry out a triennial self-assessment of training needs which includes a questionnaire. The last self-assessment of training needs by Trustee of Practice during the Scheme year, the Trustee is looking to carry out a self-assessment during the next reporting period. The Secretary to the Trustee Directors reviews the self-assessments and arranges for training to be made available to individual Trustee Directors or to the Trustee as a Board as appropriate. Specifically, this training has recently focussed on:
Effective System of Governance Policy & Procedures Asset backed securities
In addition, the Trustee receives advice from professional advisers, and the relevant skills and experience of those advisers is a key criterion when evaluating adviser performance or selecting new advisers. Professional advisers attend quarterly Trustee meetings and are required to provide updates on topical issues in their respective fields of expertise. and new Trustee Directors are required to complete this within six months of taking up office. There is a policy in place which details the process by which new Trustee Directors are appointed, four are chosen by the employer and two are member nominated Trustee Directors. During the Scheme Year, Ian Hayward who was Member Nominated Director (MND) resigned with effect from the 19 August 2024; requiring the Trustee Board to carry out a MND Nomination & Selection Process. Following this exercise, Robin Smith was reappointed as an MND for a five-year term of office with effect from 26 March 2024 and Eugene Egan was newly appointed as an MND to the Trustee Board on a 5-year term with effect from 30 September 2024. New Trustee Directors are required to it as per
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