UTC (UK) Pension Scheme - Member Newsletter 2023

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Cyber risk and resilience

Goodrich Section members: administration changes to be aware of

Cyber attacks can affect individuals, companies and even governments – and the pensions world is not immune. Pension schemes hold large amounts of data and assets which can make them a target for criminals and fraudsters. You may have seen media reports of recent breaches affecting the company pension schemes of a number of household names, following a cyber attack on Capita. The Trustee takes cyber security extremely seriously and includes cyber risk on its risk register, which is reviewed and updated regularly. The Scheme has internal controls in place to identify and minimise the risk of a cyber incident occurring. Working closely with the Scheme administrators, the Trustee monitors the administration and management of the Scheme to ensure that its cyber security policies and controls remain effective.

For Goodrich Section members whose pensions are administered by Mercer, please be aware that Mercer’s UK pension administration business will become part of a new company called Aptia. In time you might start to see the Aptia name and logo appear on letters you receive about your Scheme pension. However, the Trustee has also been considering for some time whether to consolidate the administration of the Scheme. The Scheme currently has two administrators, Buck and Mercer, and the Trustee has decided to appoint Buck to administer all the sections in the Scheme. The Trustee’s expectation is that consolidating the administration will improve and simplify the experience for all members and result in costs savings for the Scheme. We will contact all Goodrich Section members (those currently administered by Mercer) in due course, but please rest reassured that all parties involved in the exercise to transfer the Goodrich Section administration to Buck are working hard to ensure a smooth and seamless transition for affected members. The transfer is expected to take place in mid-2024. There will be a short period of time during which Goodrich Section members will be administered by Aptia (see above) before the administration is transferred to Buck, but these changes won’t have any impact on members’ benefits. Members of the Scheme who are already administered by Buck (non-Goodrich Sections) are unaffected by the changes.


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