UNITED TECHNOLOGIES CORPORATION (UK) PENSION SCHEME YEAR ENDED 31 DECEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
11 Pooled investment vehicles
2024
2023
Equities
127,897 23,536 38,400 218,263
129,424 32,204 39,015 214,649
Diversified growth Absolute return Secure income
Property
-
7,096
Cash
22,455
42,285
430,551
464,673
12 Derivatives
2024 Total
2023 Total
Assets
Liabilities
Assets Liabilities
Exchange traded Futures
418
(411)
7
873
(356)
517
Over-the-counter contracts Forward foreign currency
498
(6,072) (8,128)
(5,574)
5,532
(8)
5,524
Swaps
14,972
6,844
16,028
(19,390)
(3,362)
15,888
(14,611)
1,277
22,433
(19,754)
2,679
Objectives and policies for holding derivatives
The CIF Administrator has authorised the use of derivative financial instruments by the investment managers as part of their investment strategy as follows;
Futures and swaps: Interest rate swaps and bond and interest rate futures may be used by bond managers for the purposes of implementing duration, country allocation, yield curve and investment views. Forward foreign currency: FX may be used for currency hedging purposes, but not for speculative purposes.
Futures contracts Type of future
Expires within
Nominal value
Fair value Assets
Fair value Liability
UK exchange traded
< 1 year < 1 year
214
-
(411)
Overseas exchange traded
(185)
418
-
418
(411)
Included within the cash deposits and other net investment assets is an asset of £1,401k (2023: £1,329k) in respect of initial and variation margins arising from open futures contracts at the year end.
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