Docusign Envelope ID: 7C50003C-051D-4E0C-907A-F452AD5C4EA2
UNITED TECHNOLOGIES CORPORATION (UK) PENSION SCHEME YEAR ENDED 31 DECEMBER 2023
NOTES TO THE FINANCIAL STATEMENTS
8 Investment income
2023
2022
25,019
22,885
Income from bonds
8,010
Income from pooled funds
2,982
(14,513) (1,656)
Interest on repurchase agreements
(5,978) (1,515)
Net payments from swaps Net income on cash deposits
148
315
13,073
13,070
Income from Asset Backed Funding
12
14
Annuity income
7
137
Other investment income
30,100
31,910
9 Reconciliation of net investments
Closing value at 31 December 2023
Opening value at 1 January 2023
Purchases at cost and derivative payments
Sales proceeds and derivative receipts
Change in market value
Defined benefit section Bonds
1,172,762
1,145,443
59,480
(49,646)
17,485
464,673
Pooled investment vehicles
482,870
479,880 (511,299)
13,222
2,679
Derivatives - net
(1,675)
25,410
(37,892)
16,836
220,000
Asset Backed Funding
212,600
-
-
7,400
23,855
AVC investments
23,193
-
(1,727)
2,389
720
Insurance policies
1,012
-
(344)
52
1,884,689
1,863,443
564,770 (600,908)
57,384
971
Cash
3,681
(587)
Amounts payable under repurchase agreements Other net investment balances
(312,247)
(311,399)
-
6,871
7,657
(156)
56,641
1,580,284
1,563,382
With the exception of Asset Backed Funding, AVC investments and Insurance policies all investments are currently held via the CIF.
Purchases and sales of pooled investment vehicles include £342,919k and £336,910k respectively purchases and sales of cash-based liquidity funds.
Direct transaction costs incurred in the year are disclosed in the CIF financial statements which are appended to these financial statements.
In addition to the direct transaction costs, indirect costs are incurred through the bid-offer spread on pooled investment vehicles and charges made within those vehicles. It is not possible to quantify the level of indirect transaction costs.
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