Docusign Envelope ID: 7C50003C-051D-4E0C-907A-F452AD5C4EA2
UNITED TECHNOLOGIES CORPORATION (UK) PENSION SCHEME YEAR ENDED 31 DECEMBER 2023
NOTES TO THE FINANCIAL STATEMENTS
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 (‘AVCs’) . 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:
2023
2022
27
26
Aviva
2,442
2,650
Legal & General (Unit linked) Phoenix Life (Unit linked)
65 62
98 77
Prudential (With profits)
20,579
19,470
Scottish Widows (Unit linked) Standard Life (With profits)
680
872
23,855
23,193
15 Insurance policies
2023
2022
720
Phoenix Life
1,012
16 Cash and other net investment balances
2022
2023
463 508
Cash – sterling
3,521
Cash – foreign currency
160
971
Total cash
3,681
6,871
Amounts receivable
7,657
Cash balances include collateral amounts of £nil (2022: £730k).
17 Amounts payable under repurchase agreements
2022
2023
(312,247)
Amounts payable under repurchase agreements
(311,399)
Bonds with a fair value at the year end of £337,780k (2022: £265,350) had been sold subject to repurchase contracts and therefore continued to be recognised in the financial statements. In addition, bonds with a fair value at the year end of £21,711k (2022: £51,095k) had been provided as additional collateral for the same repurchase contracts. There were 10 (2022: 9) repurchase agreements at the year-end with maturity between January and May 2024.
40
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