In this section we cover how the Plan works and provide an overview of the benefits it provides you and your dependents. We have also provided information on the Trustee - the people responsible for looking after your pension benefits.
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 that 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. A copy of these Rules can be downloaded from the Document library, or is available on request from the Administration Team.
Please be aware that in the event that 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 1 September 2008. Benefits for members who left service prior to 1 September 2008 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, they are not summarised here.
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:
The Plan Administrator uses a set fraction, known as an ‘Accrual Rate’ to calculate how much pension you have built up. Whilst other factors may also be taken into account the basic calculation looks like this:
You can see how much pension you built up when you left the Plan by visiting My Pension – your online pension account.
The Plan is a Trust based arrangement. This means that the benefits are held for the benefit of all members and are managed by a Trustee. We cover the Trustee in more detail below.
The Plan provides valuable benefits to you and your dependants both before and after your retirement.
Set out below is a broad outline of some of the key benefits provided by the Plan.
Each of the benefits listed above are covered in more detail throughout the website.
In addition to these, further benefits may be available to you depending on your individual circumstances, such as the right to retire for reasons of serious ill health, or the right to receive a lump sum instead of a small pension. These non-standard rights are not summarised here but details on them are available on request.
The Trustee is responsible for running the Plan and is supported by a secretariat team and a range of professional advisers. The Trustee board meets at least quarterly and receives reports from its Sub-Committees. 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 Plan Trustee is Hewlett Packard Enterprise UK Pension Trustee Limited. It has a Board of eight directors, five (including the Chairman) are appointed by the Company. The remaining three are nominated by the Plan members. The Current Directors are:
|The Current Directors are:|
|Paul Early (Chairman) — Company Appointed|
|Beverly Clements — Member Nominated|
|Philip French — Member Nominated|
|Jonathan Lord — Company Appointed|
|Phil Lawman — Member Nominated|
|Gill Manning — Company Appointed|
|Keith Norrington — Company Appointed|
|Martin Smith — Company Appointed|
Member Nominated Directors serve for a fixed term of three years.
The Trustee Board delegates some of its responsibilities to Sub-Committees, made up of sub-sets of the Trustee Directors.
|There are currently five Sub-Committees:|
The Funding and Covenant Sub-Committee
(FCS) looks at 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 also makes recommendations to the main Trustee Board on matters relating to the funding of the Plan.
The Trustee Investment Sub-Committee
(TISC) is responsible for looking after investment matters.
|The Operations Sub-Committee (OSC) oversees administrative matters, including member communications and Trustee discretions.|
|The De-Risking Sub-Committee (DSC) works with the Administration Team to ensure cash flow needs are met, enabling all pensions to be paid on time.|
|The Audit Sub-Committee (Audit SC) supervises preparation of the Plan annual report and accounts and oversees operations of the external audit.|
If you need to contact us about the Plan or the benefits you have built up within it, your first port of call should be the Plan Administrator.
You can either:
|Telephone them on: (Monday to Friday)||+44 (0)333 207 6553|
|Email them at:||email@example.com|
|If you are a Bank of Ireland member:||firstname.lastname@example.org|
|Write to them at:||
Hewlett-Packard Limited Retirement Benefits Plan
West Sussex RH10 1UH
Remember, you can also login to My Pension – your online pension account to see details of the benefits you have built up as well as use the online modelling tools to obtain estimations of what benefits may be payable to you from the Plan.
If you need help accessing My Pension please call 0345 408 2991
|Write to:||Kerry Merryweather
HP Plan Trustee
ZEDRA Inside Pensions
42-48 Victoria Street
Hertfordshire, AL1 3HZ
The Company has also set up a website to help ex-employees who live in the UK or Ireland. Here is a link to this website.
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 program. One of the key risk management tools that we make use of is diversification across both asset classes and individual stocks.
Along with its advisers, the Trustee is also ensuring that all of the new disclosure requirements are met in full. Some information on this topic was included in the ‘Topical news’ section of our latest newsletter and is something that Trustee Board keeps regularly under review.
In relation to share ownership, the Plan's investment strategy means that equity assets are not a large percentage of assets and the equities held are invested in a passive pooled fund. 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 and can be found on the Funding and investment section in the library on this website.
Page 4 of the Statement contains the Trustee’s policy on the environmental impact of the Plan’s investments.
Annually, the Trustee now prepares an implementation statement which can be seen on pages 9 to 11 of 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.