About the Plan

In this section we cover how the Plan works, giving an overview of the benefits it provides you and your dependants. You’ll also find information about the Trustee – the people responsible for looking after your pension benefits.

Disclaimer

Defined Benefit Plan

Our Plan is what’s known as a ‘defined benefit plan’. This type of Plan is sometimes referred to as a ‘final salary scheme’.

This is because the benefits payable will depend on:

  • How long you were an active (or contributing) member – this may be referred to as your ‘pensionable service’; and
  • What your final pensionable salary was when you left the Plan (ceased to be an active member).

Seeing how much pension you have built up

The Plan’s administrator uses a set fraction, known as an ‘accrual rate’ to calculate how much pension you have built up.

While other factors may also be taken into account the basic calculation looks like this:

The Plan’s administrator uses a set fraction, known as an ‘accrual rate’ to calculate how much pension you have built up.

While other factors may also be taken into account the basic calculation looks like this:

Relevant accrual rate
Final pensionable salary
Pensionable service
Pension for life

See how much pension you have built up in the Plan.

My Work Pension

The Trustee

The Trustee Company is appointed to make sure the Plan is administered according to the rules of the Trust. The Trustee holds, manages and invests assets for the benefit of members and their beneficiaries.

The Trustee is responsible for running the Plan and is supported by a secretariat team and a range of professional advisers. The responsibilities of the Trustee are extensive.

The size of the assets and membership of the Plan requires considerable time and careful governance to ensure that member benefits are safeguarded.

The Trustee Board

The Plan Trustee is Hewlett Packard Enterprise UK Pension Trustee Limited. It has a Board of eight directors. Four (including the Chair) are appointed by the Company. The remaining four are nominated by the Plan’s members.

The Board meets at least quarterly and receives reports from its Sub-Committees.

The current Directors are:

Company appointed

      • Paul Early (Chair)
      • Jonathan Lord
      • Gill Manning
      • Martin Smith

Member nominated

  • Beverly Clements
  • Philip French
  • Phil Lawman
  • Philippa Oram

Member nominated directors serve for a fixed term of three years.

(FISC) is responsible for overseeing all funding and investment matters. It also monitors the financial strength of the Company to assess its ability to continue to provide financial support to the Plan (also known as the strength of the Company’s covenant). It makes recommendations to the main Trustee Board in relation to the funding of the Plan and investment strategy. It also is responsible for producing the TCFD (Task Force on Climate Related Financial Disclosure) report.

(OSC) oversees administrative matters, including member communications and Trustee discretions.

(DSC) implements the Plan’s de-risking strategy and monitors the asset allocation against its tolerance limits. The DSC also works with the administration team to make sure cash flow needs are met, enabling all pensions to be paid on time.

(Audit SC) supervises preparation of the Plan’s annual report and accounts and oversees operations of the external audit.

Responsible investment

The impact of environmental and social issues on pension fund investments is very much on the Trustee’s agenda. Analysis of the risks, including the risk of fossil-fuel related holdings to all of our investments is a key consideration in the Trustee’s strategy and monitoring programme. One of the key risk management tools that we make use of is diversification across both asset classes and individual stocks.

Responsible investment

Along with its advisers, the Trustee is also making sure all the new disclosure requirements are met in full. This is something the Trustee Board keeps regularly under review.

Responsible investment

In relation to share ownership, the Plan’s investment strategy means that equity assets are not a large percentage of assets and the equities are held synthetically. Details of the Trustee investment policy for all asset classes are outlined in the Trustee policy on investment in their Statement of Investment Principles, which is regularly reviewed. You can find this in the ‘Reports and Plan documents’ section which you’ll find under the ‘Resources’ menu.

Responsible investment

The Statement contains the Trustee’s policy on the environmental impact of the Plan’s investments. Annually, the Trustee prepares an implementation statement which you can find in the Trustee Report and Financial Statement. This implementation statement sets out how, and the extent to which, the Engagement Policy in the Statement of Investment Principles has been followed during the year. It’s a fast developing area of pension fund investment and the Trustee will continue to evolve the Plan’s approach.

Find out more about your benefits

Benefits

Disclaimer

This website describes the standard benefits offered to members of the Hewlett Packard Limited Retirement Benefits Plan and has been designed to provide an outline of the key benefits provided by the Plan.

Please note the Plan may be terminated or amended in the future in accordance with the Plan Rules, and so your benefits may be subject to change.

The Plan is a pension scheme established under trust and is governed by a set of Rules. You can download a copy of these Rules from the ‘Reports and Plan documents’ section. You’ll find this under the ‘Resources’ menu. Alternatively, you can ask the Plan’s administrators, Trafalgar House, to send you a copy.

Please be aware, in the event there is any conflict between the content of this website and the Rules, as amended, the version of the Rules applicable to you will prevail and take precedence. The version of the Rules currently in force is effective from 30 October 2019. Benefits for members who left service before 30 October 2019 will be based on the Plan Rules applicable at date of leaving service.  If you joined the Plan as a result of a transfer into the Plan, special terms may apply to you which differ from those set out here.

You may also have protections under previous tax regimes, including enhanced protection, fixed protection or an early retirement protected pension age. As these rights are specific to a relatively small number of members, we have not summarised them here.