Questions and Answers
This page is based on questions that have been asked by individual members. We think the answers will be of general interest to all members. If you have a question that may be of interest to all members, please address this to reuters@Isio.com and we will try to include the question and answer in this section.
CONTACTS
1) Who do I contact if I have a problem ?
There have been a number of changes relating to pension schemes which are, or have historically been, associated with Reuters, Thomson, Reuters and Refinitiv. Contact details for the various schemes are:-
Reuters Pension Fund (RPF) – administered by Isio. Contact reuters@isio.com.
If you wish to bring something about RPF to the attention of the Trustee, contact RPF.PM@barnett-waddingham.co.uk
Reuters Supplementary Pension Scheme (SPS) – administered by Capita. Contact refinitivpensions@capita.com
Refinitiv Retirement Plan (RRP) – transferred to Legal & General. Contact employerdedicatedteam@landg.com
2) How can I send personal data and information securely to Isio?
Data theft and scams are on the rise and the Trustee is aware that people may try to gain access to members personal data for fraudulent purposes. Email is sometimes a quick and convenient way to communicate about your pension, but it is important to think about cyber security when sending an email.
If you need to communicate via email with the administration team at Isio (or in certain circumstances with the Trustee Secretary at Barnett Waddingham) you may be asked to provide personal details such as your member reference number, National Insurance number and date of birth. If you are retiring, you may even need to provide your bank details and copies of identification documents such as your passport or driving licence. All of this personal data is valuable to cyber criminals who may try to use your data for fraudulent purposes.
If you decide to email this type of information to Isio (or Barnett Waddingham), please consider the ways in which you can do this securely. For example, you may wish to put the personal information into a separate document which you can then password protect and attach to the email. The password could be something that is already known to Isio (or Barnett Waddingham) such as your National Insurance number or date of birth, in which case this can be explained in the email. For example you may wish to say “the password is my National Insurance number all in uppercase” or “the password is my date of birth in the format DD/MM/YY”. If you do choose to use a password, you should never email it to the recipient in a follow-up email because if both emails are intercepted, your personal data can still be accessed.
In addition, Isio provide a member portal “My Pension tracker” which provides a secure means to submit requests to Isio. We would recommend using this where possible, however it cannot be used to submit forms or ID.
If you would like some guidance on the best way to send your data securely, please call the recipient (Isio/Barnett Waddingham) who can discuss the options available with you. We would also encourage members to stay vigilant – keep a look out for unexpected calls and emails which may be suspicious. We included some useful information on how to keep your pension savings safe in the last Trustee Update, including a link to the National Cyber Security Centre website which has some useful guidance on cyber security as well as tips for staying secure online that we would encourage members to refer to http://www.ncsc.gov.uk/guidance/data-breaches
FUNDING
1) Why have the net assets of RPF fallen significantly in 2022?
A fall in RPF's asset value could be concerning when viewed in isolation. However, RPF's goal is to create an investment strategy which meets the pensions due ("liabilities"). So, we primarily focus on how the asset value compares to the measured liabilities whilst ensuring there is a sufficient level of highly liquid assets in the fund to meet ongoing cashflow requirements.
RPF uses a risk management strategy called "liability driven investment" or “LDI”, where the investment manager creates a portfolio of UK government bonds (known as “gilts”) and inflation-linked gilts which is designed to mirror the change in liabilities. This makes up a large portion of RPF’s assets. The fundamental purpose of these assets is to reduce volatility in the funding position. For example, if liabilities increase in value, we expect a corresponding increase in the value of the RPF’s LDI portfolio.
In the final quarter of 2022, we saw a significant increase in the yields of UK government bonds which reduced the value of RPF's gilt holdings which was a primary reason for the fall in asset value. However, the rise in yields also lowered the value of the measured liabilities by a similar amount. As such, whilst there was a fall in asset value, the level of funding (assets relative to liabilities) changed only marginally. Therefore, despite the fall in the value of assets, RPF still remains in a strong position to meet the pensions it has promised to its members.
Further information on gilts can be found at United Kingdom Debt Management Office.Gov.UK: About Gilts.
2) The RPF Annual Report and Financial Statements for 2022 show one item as a ‘misallocation of funding’. What is this?
The 'misallocation of funding' refers to assets that had been incorrectly allocated to RPF instead of another Reuters pension scheme. The error was spotted during data cleansing work and had not been detected by our auditors. Unfortunately, the error went back over many years which accounts for the large amount. The error has been addressed and pensions paid to members were not affected.
QUOTATIONS
1) Why is the quotation for my retirement pension/pension transfer delayed?
Some members have continued to experience delays after the transition of the administration of RPF to Isio (previously known as Premier). Isio inherited a significant backlog of cases from Capita (the previous administrators) and has received an unexpectedly large volume of quotation requests from members. Together, this has created significant demand for retirement and transfer quotations. Isio is working hard to address the backlog and is completing increased software automation to make processes more efficient going forward. Whilst many of the initial teething issues have been resolved, unfortunately there are still likely to be further delays for some members over the coming weeks. Isio is prioritising cases, with focus being given at present to the oldest quotation requests.
Update - January 2024
Isio have written to all members with outstanding requests (made prior to 14 November) in December. There are, however, a number of cases that still involve additional work from the actuary and a separate update will be provided to these members this month. Dedicated teams are managing the backlog alongside the "business as usual" administration team. We apologise for the continued delays and ask members for their continued understanding while this work is completed. We are aiming to be in a position to turn around new quote requests from members in a normal timescale within the next month or two.
Longer term we are developing a new RPF website that will allow members to request and receive quotes instantly online.
PENSIONERS
1) I have not yet received my annual increase letter, will I still receive one?
Annual pension increase letters are being sent to all members imminently. The pensions paid in January will include the annual increase. (posted 11 January 2024)
2) I am in receipt of a pension from the Reuters Pension Fund, why are you checking my existence?
The Trustee has an obligation to ensure that benefits are paid in line with the Fund Rules. To assist with this duty, our administrator will verify your existence, often on an annual basis. For those members living overseas, this will include a written request (being a form issued either via email or post) for you to complete, sign, witness and return. This form can be returned via email or by post.
If our administrator is not able to confirm your existence, they may be obliged to cease payment. This reduces the risk of excess funds being paid to a deceased member’s estate, which would ultimately be required to be returned to the Reuters Pension Fund, a stress and worry we want to avoid.
COMPLAINTS
1) I am not happy with the service I have received, what should I do?
The Trustee expects members to always receive a high standard of service and please be assured that any expression of dissatisfaction is taken seriously. The Fund runs a multitiered complaints system to better support a resolution as quickly as possible. In the first instance, please raise your concerns with our administrator who will look to resolve the matter with you. Please be aware that all complaints raised to the administrator are brought to the attention of the Trustee.
Should you not be satisfied with the resolution proposed by our administrator, you may wish to raise your complaint through our Internal Dispute Resolution Procedure (IDRP). This is a two-stage process:
Stage 1
The first stage involves a full review of the complaint and relevant events, with a response being considered and provided by our Fund Secretary. Should you remain unsatisfied, you may choose to progress to the second stage of the IDRP.
Stage 2
The second stage refers the matter to the Trustee directly, by way of an appeal against the response received at stage 1. The Trustee will then undertake a complete review of the details of the complaint and provide a response.
Please note that each stage of the IDRP can take time, and we would estimate a timescale of up to three months for a response at either stage. You can request access to the IDRP forms from our administrator or directly from the Fund Secretary – contact details can be found here.
The above process is designed to provide resolution at the earliest opportunity. This does not restrict your statutory rights to refer the matter to the Pension Ombudsman which deals with complaints and disputes that concern the administration and/or management of occupational and personal pension schemes. The Pension Ombudsman’s website provides more details on what they can deal with and how their procedure works.