Docusign Envelope ID: 7C50003C-051D-4E0C-907A-F452AD5C4EA2
UNITED TECHNOLOGIES CORPORATION (UK) PENSION SCHEME YEAR ENDED 31 DECEMBER 2023
NOTES TO THE FINANCIAL STATEMENTS
All amounts in tables are in £ thousands unless otherwise stated.
1 General information
The United Technologies Corporation (UK) Pension Scheme (‘Scheme’) was established as a trust under English law on 2 January 2009 and is registered in the United Kingdom. The registered office of the Trustee (UTC Pension Trust Limited) is at 100 Avebury Boulevard, Milton Keynes MK9 1FH and the postal address for correspondence is at PO Box 8620, Belper, DE56 9GL. The purpose of the Scheme is to provide benefits to relevant employees of the participating employers by consolidating a number of legacy pension arrangements that had previously existed through various UK based companies within the UTC group, now RTX Corporation.
The Scheme operates on an occupational defined benefits basis and is closed to new members.
The Scheme was closed to the future accrual of benefits with effect from 31 March 2020.
In accordance with HMRC requirements the Scheme is registered under Chapter 2, Part 4 of the Finance Act 2004. As a consequence, both employee and employer contributions are normally eligible for tax relief and income and capital gains earned by the Scheme receive preferential tax treatment. All Scheme investments are held within The UTC Common Investment Fund (‘CIF’) except for A sset Backed Funding arrangements, Insurance policies relating to Sutrak section members and AVC investments. The day-to-day management and the safe custody of the Scheme's investments has been delegated by the Trustee to UTC Pension Trust Limited, the Adm inistrator of the CIF (‘the CIF Administrator’), who is also the Trustee of the Scheme. The CIF Administrator oversees the CIF on behalf of participating pension plans of RTX Corporation in the United Kingdom. The Statement of Investment Principles agreed by the Trustee of the Scheme determines the parameters within which the Administrator of the CIF must act in respect of the Scheme. Throughout 2023 and as at 31 December 2023 the Scheme was the only current participating pension scheme within the CIF. The CIF report and financial statements for the year ended 31 December 2023 are appended to this annual report and financial statements.
2 Basis of preparation of the financial statements
The individual financial statements of United Technologies Corporation (UK) Pension Scheme have been prepared in accordance with the Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996, Financial Reporting Standard (FRS) 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland issued by the Financial Reporting Council (“FRS 102”) and the guidance set out in the Statement of Recommended Practice “Financial Reports of Pension Schemes” (revised June 2018) (“the SORP”).
3 Accounting policies
The following principal accounting policies, which have been applied consistently, have been adopted in the preparation of the financial statements.
Currency The Scheme’s functional currency and presentational currency is pounds sterling (GBP).
Assets and liabilities in foreign currencies are expressed in sterling at the rates of exchange ruling at the year end. Foreign currency transactions are translated into sterling at the spot exchange rate at the date of the transaction.
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