Welcome
Welcome to this year’s update from the Trustee of the UTC (UK) Pension Scheme, bringing you the latest news from the Scheme and pensions industry and highlighting those developments that may have an impact on your retirement benefits.
Changes to the Trustee Board Since the end of the Scheme year, two of our Company-selected directors have left the Trustee Board. The Company has appointed their replacements. We welcome Greg Hawes and Julie Sullivan to the Trustee Board and would like to thank Steven Hill and Joe Fazzino for their services to the Scheme and its members during their time as Trustee directors. You can find out who else is on the Investment markets since the last newsletter was issued have remained unpredictable and volatile, with gilt yields continuing to rise. The Scheme continues to follow the de-risking strategy set by the Trustee in 2021, which has ensured that our funding position remains stable and we are on track with our plans to achieve a low dependency on the Company/ self-sufficiency funding position for the Scheme by the mid-2030s. I would like to end by thanking my fellow Directors, our trusted advisers and the RTX Pensions Team for their commitment and hard work over the past year. They have all helped to ensure that the Scheme remains in a strong and resilient position. Greg Smart, Chair of the Trustee UTC (UK) Pension Scheme Trustee Board on the back page. Ongoing investment challenges
It will take only 15 minutes to read this newsletter, which contains important information for all members, so I’d encourage you all to make time for your pension. You will no doubt be aware that there was considerable investment market volatility last year, particularly in the autumn. The Trustee’s investment strategy, which aimed to ensure that the Scheme’s fully funded position was maintained even in the event of serious instability in financial markets, has therefore worked as intended, and the funding level has remained broadly stable and unchanged throughout this challenging period. While the Scheme is now smaller in asset value terms than at the beginning of the year, the Trustee can reassure you that there are no concerns regarding the Scheme’s ability to meet its obligation to pay benefits to members now and in the future. The Scheme’s funding position remains strong. Summary Funding Statement Each year, our Scheme actuary updates the previous formal valuation with an estimate of the funding position. On page 14 of this newsletter, you will find a reminder of the results of the formal valuation on 31 December 2021 and the estimated update 12 months later at 31 December 2022. This update showed very little change to the funding level and indicated that the Scheme continues to have a surplus on an ongoing basis.
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