Company appointed
-
-
- Paul Early (Chair)
- Jonathan Lord
- Gill Manning
- Martin Smith
-
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.
DisclaimerDefined 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 PensionThe 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:
Member nominated
- Simon Bolton
- Beverly Clements
- John Furlong
- 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.
Find out more about your benefits
Benefits
Disclaimer
This website provides a summary of the standard benefits generally offered to members of the Hewlett Packard Limited Retirement Benefits Plan. The information is for guidance purposes only and does not constitute a complete description of all of the Plan’s provisions; your specific benefits may differ.
The Trustee cannot provide you with financial or legal advice and none of the information provided on the website should be construed as such. For specific queries about your benefits, please contact Trafalgar House directly.
The Plan is an occupational pension scheme established under trust and governed by the Plan Rules. In the event of any conflict between the information on this website and the Plan Rules, the Plan Rules shall prevail.
Your benefits will be as set out under the Rules in force as at the date you left service, except where later Rules expressly state that they apply to you. Depending on when you left service your benefits may differ from the standard benefits described on this website.
The current Plan Rules are the Rules effective from 30 October 2019, as amended. These Rules are available in the ‘Reports and Plan documents’ section under the ‘Resources’ menu, or you may request a copy (together with any historical rules in force as at the date you left service), from the Plan’s administrators, Trafalgar House. The Plan Rules may be amended, modified or terminated at any time in the future. Consequently, your benefits under the Plan may be subject to change.
Please note that some members may have special benefit terms. For example, members who transferred into the Plan may be subject to special terms that differ from the standard provisions described on this website. Similarly, members who were in service on 31 October 2024 and who are in continuous employment with the Company from that date until when they either choose to retire or die, whichever occurs first, have special benefit terms. If you think this may apply to you, please contact Trafalgar House for further details.
Some members may also have specific protections under previous tax regimes, including enhanced protection, fixed protection, or protected pension ages allowing them to take early retirement. As these protections are individual to specific members and complex in nature, they are not detailed on the website. If you believe you may have such protections, please contact Trafalgar House for specific information about your circumstances.