UNITED TECHNOLOGIES CORPORATION (UK) PENSION SCHEME YEAR ENDED 31 DECEMBER 2024
The Trustee has responsibility for setting the strategy and for managing the Scheme and the directors usually meet at least four times a year for this purpose. Further or fewer meetings may be scheduled depending on matters requiring consideration by the Trustee during the year. All occupational pension schemes must implement arrangements that provide for at least one-third of the total number of directors of the Trustee company to be member-nominated. The arrangements for the nomination and selection must be proportionate, fair and transparent. The Articles of Association of the Trustee contain provisions for the appointment and removal of Trustee company directors and the board ordinarily comprises of six directors. Four of these individuals are appointed by Ceesail Limited, the Principal employer of the Scheme. The remaining two positions are filled by member nominated directors who are appointed in accordance with the nomination and selection procedures applicable under Section 242 of the Pensions Act 2004. A list of the directors is shown on page 2 of this report.
Trustee fees are shown in note 7 to the financial statements.
T
Membership
Changes in membership of the Scheme during the year were as follows:
Deferred Pensioners Pensioners
Dependants/ beneficiaries
Total
Membership as at 31 December 2023
3,575
4,283
808
8,666
Prior year adjustment
(11)
3
-
(8)
Adjusted membership as at 1 January 2024
3,564
4,286
808
8,658
Members retiring Death in deferment
(158)
158
- - - -
-
(18)
- -
(18)
Members leaving with refund/transfer out
(4)
(4)
Trivial commutations
(10)
(2)
(12)
Pensioners who died in the year New spouse and dependent pensions Dependent pensions ceasing in the year Data correction*
- -
(125)
(31) 100
(156)
-
100
1
17
8
26
Membership as at 31 December 2024
3,375
4,334
885
8,594
*During the process of consolidating the Scheme administration referred to above, a number of inaccuracies were discovered within the membership records which have been corrected.
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