UNITED TECHNOLOGIES CORPORATION (UK) PENSION SCHEME YEAR ENDED 31 DECEMBER 2024
Introduction
The Trustee (UTC Pension Trust Limited) is pleased to present its report on the United Technologies Corporation (UK) Pension Scheme ("the Scheme") for the year ended 31 December 2024.
The Scheme was established on 2 January 2009 as a vehicle for consolidating a number of legacy pension arrangements which had existed through various UK based companies which are now within the RTX Corporation (previously known as Raytheon Technologies Corporation) group, and formerly within the United Technologies Corporation group. In accordance with HMRC requirements, the Scheme is registered under Chapter 2, Part 4 of the Finance Act 2004. As a consequence, any employee and employer contributions are normally eligible for tax relief and income and capital gains earned by the Scheme receive preferential tax treatment.
Closure of the Scheme to the future accrual of benefits
The Scheme is an occupational defined benefit pension scheme which is closed to new members and has been closed to the future accrual of benefits since 31 March 2020.
Transition from United Technologies Corporation to RTX Corporation
On 3 April 2020, United Technologies Corporation separated its overall activities into three separate businesses and on the same date merged with Raytheon Company to form Raytheon Technologies Corporation (now known as RTX Corporation). As a consequence of the above reorganisation, the Trustee negotiated a revised parent guarantee with Raytheon Technologies Corporation (now RTX) which was executed on 31 March 2020. This has been further updated by Deeds dated 1 February 2024 and 30 September 2024 between the Trustee and RTX.
Payments Deed
On 31 March 2020, a Payments Deed was executed setting out the contributions required to be paid by RTX Corporation to the Scheme. This Payments Deed was updated on 15 December 2022 following finalisation of the actuarial valuation at 31 December 2021 and has been further updated on 30 August 2023 by the .
Rule changes
There were three rule changes in the year which related to late retirement and permitted lump sum options.
Administration
In the previous year, the Trustee had taken the decision to consolidate the administration of all sections of the Scheme, and from June 2024, Gallagher Consultants (Administration & Investment) Limited have been the sole Administrator.
Trustee
The Trustee of the Scheme, appointed by the Principal Employer, is a company called UTC Pension Trust Limited . The directors of the Trustee have essentially the same responsibilities as if they were individual trustees.
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