CARRIER (UK) PENSION SCHEME YEAR ENDED 31 DECEMBER 2020
TRUSTEE’S REPORT
Financial development of the Scheme
The financial statements have been prepared and audited in compliance with regulations made under section 41 (1) and (6) of Pensions Act 1995.
Significant developments affecting the financial position of the Scheme during the year include:
The overall value of the Scheme has increased by £1,475k from £125,418k to £126,893k.
The net increase above comprised investment returns of £8,676k and a reduction of £7,201k in respect of dealings with members.
Membership
Changes in membership of the Scheme during the year were as follows:
Active
Pensioners
Deferred Members
Total
Members
Membership at 1 January 2020
59
309
413
781
Prior year adjustment
-
3
(4)
(1)
Membership at 1 January 2020
59 (3)
312
409 (14)
780
Retirements
17
-
New spouse and dependent pensions
-
6
-
6
Transfers out
(1)
- -
(11)
(12)
Members leaving prior to pensionable age
(55)
55
-
Deaths
- -
(10) 325
-
(10) 764
439
Total membership at 31 December 2020
Pensioners include 41 individuals (2019: 37) receiving a pension upon the death of their spouse at the year end.
Deferred Members includes members with preserved and deferred benefits.
These membership figures do not include movements notified to the Administrator after the completion of the annual renewal. These are shown as a "prior year adjustment" in the following year.
Transfer values
Cash equivalents paid during the year with respect to transfers have been calculated and verified in the manner prescribed by the Pensions Schemes Act 1993 and do not include any allowance for discretionary benefits.
Pension increases
As at 6 April 2020 pensions in payment in excess of the Guaranteed Minimum Pension (‘GMP’) and accrued before 6 April 1997 were increased by the fixed rate of 3.0%. Pensions accrued after 6 April 1997 and before April 2000 were increased by 3.0% being the higher of 3.0% or the rate determined from the Consumer Prices Index capped at 5.0% p.a. Pensions accrued between April 2000 and March 2005 were increased by 2.4% in line with the Retail Prices Index capped at 5.0% p.a. Pensions accrued after 6 April 2005 were increased by 2.4% based on the Retail Prices Index to September 2019 capped at 2.5% p.a. GMPs accrued after 1988 increased by 1.7%. There were no discretionary increases.
Preserved pensions are revalued in line with statutory requirements.
4
Made with FlippingBook Converter PDF to HTML5