CARRIER (UK) PENSION SCHEME YEAR ENDED 31 DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
10 Reconciliation of net investments
Opening value
Purchases at cost and derivative payments
Sales proceeds and derivative receipts
Change in market value
Closing value
Bonds
30,005 91,746
1,586
(4,454) (20,635) (2,224)
1,845 6,024
28,982 93,732
Pooled investment vehicles
16,597
Derivatives
135 282
2,277
180
368 220
AVC investments
-
(76)
14
122,168
20,460
(27,389)
8,063
123,302
Cash
707 409
(445)
550 361
Other investment balances
(2)
123,284
7,616
124,213
With the exception of AVC policies all investments were held via the CIF throughout 2019 and as at 31 December 2019.
As a consequence of the break-up of the UTC Group of companies, the Scheme withdrew from the CIF in February 2020 and thereafter all Scheme assets have been held directly by the Scheme. Because the assets held previously via the CIF were already owned by the Scheme, no purchases were required or are included in the table above.
There were no direct transaction costs in the year.
In addition to the direct transaction costs, indirect costs are incurred through the bid-offer spread on pooled investment vehicles and charges made within those vehicles. It is not possible to quantify the level of indirect transaction costs.
11 Investment management expenses
2020
2019
Administration, management and custody
184
93
12 Pooled investment vehicles
2020
2019
Equities
72,554 14,321
69,615 12,742
Bond
Diversified growth Absolute return
3,596 2,505
4,325 4,221
Cash
756
843
93,732
91,746
20
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