Welcome to the glossary. Here you will find definitions for commonly used terms throughout this website.
Usually forms part of the formula used to determine final salary plan benefits. It is often expressed as a fraction (e.g. 1/80th or 1/60th) which means for each year of service you will earn that equivalent amount of your final salary towards your pension.
Members of the Plan who currently work for the Company and are making contributions to the Plan.
The maximum amount of pension savings that you can make which will qualify for tax relief in any tax year.
Provision of additional pension benefits.
Additional Voluntary Contributions can be used to purchase additional benefits in the Plan.
Somebody to whom Plan benefits may become payable.
Cash Equivalent Transfer Value - See Transfer value.
Members of the Plan who no longer work for the Company and are not yet receiving their benefits from the Plan.
Your Spouse or Civil Partner/same sex spouse or any other person who, in the opinion of the Trustee, is financially dependent upon you at the date you take your pension or upon your death.
Final Pensionable Salary
The highest amount of Pensionable Salary received by you during any 12 consecutive months in the 5 years before you leave Pensionable Service.
With the consent of the Company and the Trustee, it may be possible to take part of your benefits at different times, even whilst you are still working. Benefits can be taken in a maximum of four tranches.
There may also be other limited options available to you depending on your circumstances.
Guaranteed Minimum Pension (GMP)
GMP is the minimum pension which the Plan must provide as one of the conditions necessary to contract out of the State Earning Related Pension Scheme (SERPS) for service prior to April 1997. The GMP replaces the Additional State Pension (ASP) you would have received from the State had you not been contracted-out.
Legislation governs how schemes deal with GMPs and the Plan complied with those requirements. If you have a GMP, your GMP benefits may be treated differently to the rest of your benefits. We have not set out those differences in this summary due to the complexity.
Part time work
If you work or have worked part time your benefits will be adjusted accordingly.
Annual rate of basic salary, less an amount equal to 1.5 times the annual basic State Pension for a single person (calculated as at 1 July).
Complete continuous years and months of Company service as a member of the Plan (including service credited to you in respect of your service in the Digital Pension Plan prior to 1 October 2006).
The Plan may be amended or terminated at any time by agreement between the Company and the Trustees.
Registered civil partner
This is the person you have entered into a registered Civil Partnership with under the Civil Partnership Act 2004.
The Hewlett-Packard Limited Retirement Benefits Plan.
The cash value of your benefits in the plan at any given time that is available to transfer to another registered pension scheme.
A Trust is a legal arrangement under which a Trustee or Trustees hold the assets of the pension scheme and provide administration in accordance with the rules of the Trust, called the Trust deed
The Trustee is a company appointed to ensure 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 transfer of previous benefits from other arrangements into the Plan.