About the scheme

Reuters Supplementary Pension Scheme (SPS) was registered in 1999 as a defined benefit scheme. It is managed by a Corporate Trustee with the help of professional advisers and a sub-committee made up of Directors of the Trustee (Trustee Directors).

The Scheme is a defined benefit (DB) scheme meaning that its rules define the benefits payable by the Scheme independent of the contributions paid into it.  The benefits are also not directly related to the investments of the Scheme. SPS is managed by a Corporate Trustee who ensures that the Scheme is administered according to its Rules so as to provide benefits to its members as intended. The Trustee is advised by and helped by a number of professional advisers.

The Trustee has one sub-committee, the Projects Sub-Committee (PSC), which reports to the Board and is responsible for overseeing projects as delegated by the Trustee. The PSC is made up of Directors of the Trustee (Trustee Directors) with the help of advisers where required.

The Scheme produces a newsletter each year which is circulated to all members together with financial statements. Every three years a formal valuation of the SPS is carried out.

The Trustee entered into a full scheme buy-in (also referred to as a bulk annuity contract) with Legal & General in 2021, covering all pensioners and deferred members of the SPS at that point in time. The buy-in is an insurance policy, broadly covering the benefits under the SPS, bought in the name of the Trustee and held as an asset of the SPS.