The Trustee has decided not to undertake new scenario analysis for this year’s report and have relied on the results of the analysis undertaken in 2022. There have been no material changes to the investment approaches used since the previous analysis was undertaken, and any strategic changes have been towards a lower risk approach (including lower expected climate risk). Therefore, the Trustee has taken the view that the analysis previously undertaken remains relevant and suitable for the purposes of this y ear’s report. The Trustee receives additional advice from covenant and actuarial advisers on the resilience of the Scheme’s funding plan, taking account of the financial strength, operating markets and business plans of its sponsoring employers and group parent. The Trustee is comfortable that the funding and investment strategy is suitably resilient against a range of risks. The Trustee will review the resilience of its funding and investment strategies relative to climate risk using an updated scenario analysis exercise in 2025.
UTC UK Pension Scheme | TCFD Report | 31 December 2023
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