Docusign Envelope ID: 7C50003C-051D-4E0C-907A-F452AD5C4EA2
UNITED TECHNOLOGIES CORPORATION (UK) PENSION SCHEME YEAR ENDED 31 DECEMBER 2023
NOTES TO THE FINANCIAL STATEMENTS
10 Investment management expenses
2023
2022
449
Administration, management and custody
544
11 Pooled investment vehicles
2023
2022
129,424 32,204 39,015 214,649
Equities
150,543 65,796 76,806 116,554 36,895 36,276
Diversified growth Absolute return Secure income
7,096
Property
42,285
Cash
464,673
482,870
12 Derivatives
2023 Total
2022 Total
Assets
Liabilities
Assets Liabilities
Exchange traded Futures
873
(356)
517
2,223
(36)
2,187
Over-the-counter contracts Forward foreign currency
5,532
(8)
5,524
9,403
(144)
9,259
16,028
(19,390)
(3,362)
Swaps
23,459
(36,580)
(13,121)
22,433
(19,754)
2,679
35,085
(36,760)
(1,675)
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
Fair value Assets
Fair value Liability
Expires within
Nominal value
873
-
UK exchange traded
< 1 year
(265)
-
(356)
Overseas exchange traded
< 1 year
(113)
873
(356)
37
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