Welcome
Welcome to the 2025 edition of the annual newsletter from the Trustee of the UTC (UK) Pension Scheme.
Cyber security Cyber-attacks continue to be in the news, with high-profile retailers, Marks & Spencer, the Co-op and Harrods all being targeted earlier this year. As cyber-attacks can affect individuals, companies and even governments, any organisation holding large amounts of personal data can be a target. The Trustee takes business continuity and cyber security seriously and is currently reviewing its advisers’ processes and plans to ensure they are adequate. We would like to remind you to be mindful of pension scammers. The Pensions Regulator has shared a powerful video, showing how pension scams can devastate real people. Don’t be a victim – watch the video and read our ABCs on page 5 to avoid getting scammed. Thank you for taking the time to read this update. We hope you find it helpful and informative, but if there’s a particular topic you’d like to see us cover in future, or if you have any questions or queries, please get in touch using the contact details on page 15. Greg Smart, Chair of the Trustee UTC (UK) Pension Scheme
In what continues to be a challenging economic and regulatory environment, the Trustee has continued to actively monitor the Scheme’s funding, investment strategy and governance, remaining fully focused on protecting your pension. We work closely with our professional advisers to ensure your pension is managed responsibly and that benefits are paid on time. Whether you are yet to retire, or are already receiving your pension, our priority as your Trustee remains the same: to help you build and enjoy a secure financial future. We hope this newsletter helps you to understand how the Scheme is run and what protection there is for your benefits. Valuation results I am delighted to report that the valuation as at 31 December 2024 has been completed, which showed that the Scheme continues to enjoy a surplus on the Technical Provisions basis. The full details are provided in the Summary Funding Statement on page 11. Pensions news Elsewhere in this issue, we cover recent developments in the world of pensions, including an update on the new Pension Schemes Bill, and some upcoming changes to inheritance tax. You will find more information on page 4.
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