Below we have provided answers to some of the most common questions members ask. Click on the relevant question to reveal the answer.
Why do I have to complete a LTA (Lifetime Allowance) declaration form?
This is to ensure your benefits do not exceed Inland Revenue Limits. The administrators will provide assistance with the completion of the questions on the form.
I have a pension from a company I worked for previously. Does this change the amount of pension and tax free cash lump sum I can take from the Plan?
The Trustees of the Plan are obliged to ensure that the overall benefits being paid to you do not exceed the limits set out by the Inland Revenue. When calculating the maximum benefits payable, benefits from other pension arrangements will need to be taken into account.
Your benefits may be less than those calculated in your pension quotations once details of these benefits are known. You will be asked to complete and return a Lifetime Allowance Declaration form before drawing any retirement benefits from the HP Plan.
Do I have to send my original certificates to you to claim my benefits or transfer them to another pension scheme?
No. We are able to accept copies provided they are certified by a Bank, Solicitor, Trustee or IFA as a true copy of the original. If you send original certificates to us these are normally returned in the same manner that they are received.
I am retiring early – may I elect to receive a tax-free cash sum now and defer taking my pension to a later date?
Can I cash in my benefits before I’m 55?
No, the earliest you can draw your pension benefits is age 55 unless you are retiring on the grounds of ill health.
Can I have a refund of my pension contributions?
No - as you have been a member of the Plan for more than two years, no refund is available but you are entitled to a deferred pension.
My salary increased during the year, why was this not included in the quotation I have received?
Pensionable salary is fixed on the 1st February each year. Consequently, any salary increases received during the year will not be reflected until the following year.
Will I receive benefit statements?
Yes, you will receive a benefit statement each year which will provide you with details of your pension together with the estimated values of your pension at certain ages and details of any benefits payable in the event of your death.
If you pay money purchase AVCs you will also receive an annual benefit statement from your external provider detailing the current value of your AVC fund.
Can I change my main Plan contribution / accrual rate?
No, the contribution rate, and therefore accrual rate, that you last selected is fixed. There are currently no plans to change or allow members to change them.
Can I join the Plan?
No. New members are no longer permitted to join the Plan.
Who is responsible for running the Plan?
What sort of pension arrangement is the Hewlett-Packard Ltd Retirement Benefits Plan?
The Hewlett-Packard Ltd Retirement Benefits Plan is a final salary (or defined benefit (DB)) pension arrangement. This means that your pension is calculated using a specific formula in relation to your pensionable salary and the amount of pensionable service you have completed upon leaving the Plan.