Data Verification Error

Following the update on 29 April 2025, non-pensioner members were contacted by our Fund administrator, Isio, to verify that the data we hold is up to date.  This type of data verification exercise is a common industry practice.  In some cases, there was an error in the benefit shown at ‘date of leaving’, and impacted members would have received a letter from Isio in July 2025 alerting them to this error.  The Trustee and Isio apologise for this, more details are included below for those impacted by the error.

The error related to your stated ‘date of leaving benefit’. This figure was communicated to you at the time you left Reuters employment and is visible to you on My Pension Tracker. It is the reference point from which your pension at retirement is calculated.

At retirement, your retirement benefit is based on your date of leaving benefit but revalued to date of retirement and with any relevant underpins, caps and early/late retirement factors applied in accordance with the Fund rules.

Your date of leaving benefit included in the data verification form in June 2025 incorrectly included a component of your benefit called the Value for Money (VFM) underpin.  The VFM underpin broadly applies by testing your main fund benefits at retirement against a specific underpin amount, and your benefits may be increased if the underpin amount is higher (subject to certain caps that can apply). This calculation is only carried out at retirement.  However, Isio had incorrectly applied the VFM underpin to your date of leaving benefit which was included in the data verification exercise.

This error does not affect the pension you are entitled to when you retire.

The Trustee apologises for any confusion that may have arisen due to this error.  We continue to work closely with Isio, as our appointed administrator, to improve the service provided and to ensure speedy resolution of any issues that do arise.