Welcome
I’m pleased to welcome you to this year’s update from the Trustee of the UTC (UK) Pension Scheme – your annual round-up of the latest news and developments from the Scheme and the world of pensions. This newsletter contains important
A change to our administrator We recently wrote to members of the Goodrich Section to let them know that the administration of their benefits has been moved to a company called Gallagher. Gallagher is also the administrator for the non-Goodrich Sections, although it was previously known as Buck. We’ve included an article covering both changes on page 6. Pension scams I’d like to remind our members to remain vigilant against pension scams. Criminals are becoming much more sophisticated in their approach, employing a range of techniques to assure you that they are genuine, so please read our article on page 5 for some common signs of a scam. What to do if a member has died Losing a loved one is understandably very upsetting and can be made even more stressful if it’s unclear what needs to happen in respect of their benefits. To provide some reassurance, we’ve included some information on page 8 that explains the process that takes place if one of our Scheme members has died. I hope you find this newsletter useful. If you have any feedback or ideas for future topics you would like to see us cover, please get in touch using the information on the back cover. Greg Smart, Chair of the Trustee UTC (UK) Pension Scheme
information for all members, and I hope it offers some reassurance and understanding about how the Scheme is funded. Summary Funding Statement 2024 is a formal valuation year, and preparations have already begun for the actuary to assess the funding level of the Scheme as at 31 December 2024. In between formal valuations, the actuary carries out less detailed updates on the position of the Scheme, and you can find the most recent update as at 31 December 2023 on page 12. Trustee Board update You may recall that in July 2024, we announced that the terms of office for two of our member-nominated Directors (MNDs) had come to an end, and we therefore had two vacancies that we needed to fill. We are pleased to report that Robin Smith has now been re-appointed for a further five-year term of office. We also appointed a new MND, Eugene Egan, an Otis Section pensioner, whose five-year term of office commenced on 30 September 2024.
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