UTC (UK) Pension Scheme - Member Newsletter 2023

If the Scheme had discontinued and had been wound up As part of the 2021 valuation exercise, the actuary was required to calculate a wind-up cost. This does not, however, mean that the Company is thinking of winding up the Scheme. It was estimated that if the Scheme had been wound up, the Scheme’s assets would have been sufficient to cover 81% of the amount needed to buy insurance policies to provide all members’ benefits earned up to 31 December 2021. If the Scheme were to start winding up, the Company would be required to pay enough money into the Scheme to enable the Trustee to buy insurance or annuity policies. If the Company is unable to pay the full amount to secure benefits because it is insolvent, the Pension Protection Fund (PPF) might offer the Scheme’s members compensation instead of their benefits. This means that if the Scheme is discontinued and wound up, you might not get your full pension if the funding position is less than 100% on the winding-up basis. Find out more about the PPF at: www.ppf.co.uk or by emailing them at: information@ppf.co.uk Pensions Regulator’s powers – section 231 of the Pensions Act 2004 The Pensions Regulator has not subjected the Scheme to any use of its powers under section 231. These powers include the power to modify the Scheme for future accrual of benefits, subject it to directions about how its technical provisions are to be calculated or how quickly any deficit has to be cleared, or to impose a schedule of contributions.


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