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 and we will try to include the question and answer in this section.



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  

If you wish to bring something about RPF to the attention of the Trustee, contact

Reuters Supplementary Pension Scheme (SPS) – administered by Capita. Contact

Refinitiv Retirement Plan (RRP) – transferred to Legal & General. Contact


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.



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.



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)