The Baron's Briefings
Tuesday 7 December 2010
Thomson Reuters is trying to end uncertainty over discretionary increases in the two legacy UK pension plans, chief executive Tom Glocer said. The plans - Reuters Pension Fund and the Supplementary Pension Scheme - are currently about 90 per cent funded. The company’s last major injection of funds was in 2006.
A more permanent method of increases has got to be the right approach, Glocer told members of The Reuter Society. The issue was what was a fair result. “It’s more an issue of the deficit, and an issue of what the company can contribute. It’s more an issue of what the company can do.
“I’ve told them, find some way so we don’t just leave people with uncertainty… It doesn’t sit well with me and it doesn’t sit well with Thomson colleagues as well.”
Glocer said he was mindful that there had been no inflation increase to pensions in the last two years, adding: “I care a lot about our obligations to our pensioners and all our pension plans around the world. “We’ll do whatever we need to do,” Glocer said at the Society’s 20th anniversary meeting in London. “It’s not some black hole that nobody cares about. I do, the finance director does, and more important, the treasurer does.” ■