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Thomson Reuters launches pension freedoms in UK

Thursday 1 October 2015

Pension freedoms within Thomson Reuters' defined contribution (DC) retirement scheme were introduced on Thursday after a month's delay because of issues raised by the UK Pensions Regulator.

The drawdown, cash and annuity purchase options now available to members of the Thomson Reuters Retirement Plan (TRRP) follow reforms introduced in the British government's 2014 budget. 

“We were due to introduce the freedoms from within the TRRP from September,” Matthew Webb, head of international benefits, said. “In the event, the Pensions Regulator made some comments at a conference in July that forced us to delay our implementation plans. That delay has turned out to be just one month and I can confirm that with effect from today, the TRRP will now allow drawdown, cash and annuity purchase options in line with the new freedoms legislation.

“We believe we are one of the first occupational DC plans to embrace the new legislation and offer the freedoms from within the plan. The reasons for doing this include cost, continuity and convenience for members. The move also reflects the stated values of Thomson Reuters: trust, partnership, innovation and performance.” ■