Docusign Envelope ID: 7C50003C-051D-4E0C-907A-F452AD5C4EA2
UNITED TECHNOLOGIES CORPORATION (UK) PENSION SCHEME YEAR ENDED 31 DECEMBER 2023
TRUSTEE’S REPORT
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 he Trustee periodically reviews registers of risks and conflicts to ensure that appropriate internal controls are in place and remain effective and have appointed professional advisers to support them in delivering the Scheme objectives. These professionals are detailed on pages 2 and 3. The Trustee has also established a Benefits Sub-committee (‘BSC’) which comprises of a minimum of three individuals. Currently three directors of UTC Pension Trust Limited and the Secretary to the Trustee Directors are appointed to the BSC. The BSC has full delegated authority from the Trustee Board to exercise a number of powers and decisions without the need for further consultation with, or authorisation from, the Trustee Board. This includes, but is not limited to, the exercise of Trustee discretions regarding the distribution of death benefits and determining ill health retirements, and to oversee certain administrative matters relating to the Scheme. The Trustee has also established two additional sub-committees: the Goodrich Section Administration Transfer Sub-Committee (GSATSC), and the Guaranteed Minimum Pension (GMP) Working Party (GMP WP). These are both temporary sub-committees set up to oversee extra-ordinary exercises that are currently underway.
Membership
Changes in membership of the Scheme during the year were as follows:
Deferred Pensioners Pensioners
Dependants/ beneficiaries
Total
Membership as at 31 December 2022
3,775
4,229
760
8,764
Prior year adjustment
(3)
14
25
36
Adjusted membership as at 1 January 2023
3,772
4,243
785
8,800
Members retiring Death in deferment
(167)
167
- - -
-
(10) (15)
- -
(10) (15)
Members leaving with refund/transfer out
Trivial commutations
(5)
(2)
(2)
(9)
Pensioners who died in the year New spouse and dependent pensions Dependent pensions ceasing in the year
- - -
(125)
(44)
(169)
- -
70 (1)
70 (1)
Membership as at 31 December 2023
3,575
4,283
808
8,666
5
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