Docusign Envelope ID: 7C50003C-051D-4E0C-907A-F452AD5C4EA2
UNITED TECHNOLOGIES CORPORATION (UK) PENSION SCHEME YEAR ENDED 31 DECEMBER 2023
TRUSTEE’S REPORT
Prior year adjustments primarily refer to members who have leave dates in the previous accounting year who are processed after the year end. Typically, this is leavers in December.
The above include 6 (2022: 6) members for whom the Scheme is in receipt of annuity insurance payments.
Transfer values
Cash equivalents paid during the year with respect to transfers have been calculated and verified in the manner prescribed by the Pensions Schemes Act 1993 and do not include any allowance for discretionary benefits.
Pension increases
Increases to pensions in payment in the period are dependent upon the rules of their legacy pension arrangement and when the benefits were accrued and the minimum and maximum rates of increase for each section are set out in the table below. Deferred pensions are increased in accordance with statutory requirements. None of the increases were discretionary.
Minimum level of increase
Maximum level of increase
Average level of increase
Section
Claverham
0.0%
4.9%
4.3%
Goodrich
2.6%
13.4%
6.4%
Haskel
2.5%
4.9%
4.1%
HMD
0.0%
4.9%
2.7%
HSIC
2.5%
4.9%
4.9%
H S Marston [IMI]
0.0%
3.8%
3.3%
H S Marston [Facsimile]
0.0%
5.0%
4.3%
Kidde
0.0%
5.0%
3.8%
Linde
0.0%
4.9%
3.5%
Otis
0.0%
4.9%
2.3%
Page
0.0%
5.0%
3.3%
Sutrak
0.0%
4.9%
4.0%
Member pensions comprise a number of elements. The minimum and maximum levels of pension increases relate to elements of pensions, not necessarily the entire pension in payment.
Deferred pensions are increased in line with statutory requirements and/or the rules applicable to members depending upon the section of the Scheme to which they relate.
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