Tom Glocer: Lack of cost of living pension increase 'an important issue'

In a letter to Angela Dean, chairman of the Pension Review Group, Thomson Reuters’ chief executive addressed issues raised by Reuters pensioners and other former staff. Dean had raised matters of concern to members of Reuters Pension Fund and Supplementary Pension Scheme in an e-mail to the CEO.

“As for the important issue of pensions, I am very sympathetic,” Glocer replied. “As you are aware the current Funding Agreement was reached with the RPF trustees in 2006 pursuant to which Reuters paid off the pension deficit and a mechanism was put in place which allowed discretionary inflationary increases when the Plan is in surplus. Fortunately, increases have been granted each year since 2006 other than January 2009 – when fallout from the global financial crisis on Plan assets did not permit the trustees to approve an increase and January 2010 because RPI was negative. We are committed to continuing to work with the RPF trustees on these issues and look forward to reaching a solution that meets our common desire to secure pensioners’ retirements.

“I would like to emphasize that we have the highest regard for our retirees and other alumni in London and around the world, not only as important stakeholders but also for their part in helping to build Thomson Reuters into the global leader it is today. We are currently evaluating options for launching a global alumni program that will support more frequent communication between the company and its alumni and bring current and former employees together in London and our other major centers. It is my sincere hope that this forum, alongside the long-standing Reuters Society, will come to be highly valued by our wider retiree community.”

On the matter of the discontinued pensioners’ lunch, last held in London in April 2008, Glocer said “…it feels inappropriate to me to continue pensioners’ lunches in London for only legacy Reuters pensioners when staff all over the world have given service to Thomson Reuters and its constituent companies. We did look at the cost of organizing similar events in the now numerous locations in which we have a large population of retirees; however, this proved too expensive in the current environment…” ■