UNITED TECHNOLOGIES CORPORATION (UK) PENSION SCHEME YEAR ENDED 31 DECEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
22 Current assets
2024
2023
Accrued income - Asset Backed Funding
1,430 2,230
1,410 2,180
Prepaid pensions VAT recoverable Other debtors Cash balances
161
134
6
-
2,823
2,784
6,650
6,508
23 Current liabilities
2024
2023
613 525
452 772
Unpaid benefit creditors Accrued expenses Prepaid contributions
2,956
2,956
393
329
PAYE and taxes
4,487
4,509
24 Related party transactions
Transactions with related parties of the Scheme comprise:
Key management personnel
E M Egan, G P Smart and A R Smith who are directors of the Trustee of the Scheme are in receipt of a pension from the Scheme in accordance with the Scheme rules. Trustee fees paid in the year are disclosed in note 7.
Employer and other related parties
There have been no direct employer related investments in the year. Asset Backed Funding arrangements are disclosed in note 13. VAT on Scheme expenses amounting to £566k (2023: £529k) was recovered in the year through participating employers.
25 Contingencies and commitments
In the opinion of the Trustee, except as noted below, the Scheme had no contingent liabilities at 31 December 2024 (2023: £nil).
Investments There were no contractual commitments at 31 December 2024 (2023: the CIF had an unfunded commitment to invest £11.0m in the BlackRock Secure Income Fund). Review of benefit specifications A review of a number of historic benefit calculations and specifications is on-going, and it has become apparent that adjustments may become necessary to both past and future benefit payments. The Trustee is reviewing, with its advisers, the implications of these adjustments. As soon as this review is finalised and any liability quantified, a communication will be issued to affected members and the financial impact will be accounted for.
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