UNITED TECHNOLOGIES CORPORATION (UK) PENSION SCHEME YEAR ENDED 31 DECEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
Subsequent to the year end, Barnett Waddingham advised that the estimated funding level at 31 December 2024 had exceeded 95%. All the parties to the arrangements agreed that the income and cash flows due to the Scheme in May 2025 would be paid in full and that the terms of the arrangements would be re-reviewed in detail during 2025.
14 AVC investments
The Trustee holds assets invested separately from the main fund securing additional benefits on a money purchase basis for those members electing to pay additional voluntary contributions . Members participating in this arrangement each receive an annual statement confirming the amounts held to their account and the movement in the year. The aggregate value of AVC investments is set out below:
2024
2023
28
27
Aviva
2,503
2,442
Legal & General (Unit linked) Phoenix Life (Unit linked)
70 25
65 62
Prudential (With profits)
21,135
20,579
Scottish Widows (Unit linked) Standard Life (With profits)
645
680
24,406
23,855
15 Insurance policies
The Trustee holds insurance policies with Phoenix Life Limited in respect of former defined contribution investments of the Sutrak section. These unitised policies have been valued by the investment manager and are in respect of 27 (2023: 27) members.
2024
2023
Phoenix Life
770
720
16 Cash and other investment balances
2023
2024
Cash
Cash sterling
1,766 1,129
463 508
Cash foreign currency
Total cash
2,895
971
Other investment balances Accrued investment income
9,374
11,895 (5,024)
Interest payable on repurchase agreements
(4,277)
Net other investment balances
5,097
6,871
Cash balances include collateral amounts of £1,340k (2023: £nil).
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