Welcome to the glossary. Here you will find definitions for commonly used terms throughout this website.

Accrual Rate

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.

Active member(s)

Members of the Plan who currently work for the Company and are making contributions to the Plan.

Annual Allowance

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.

Deferred member(s)

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.

Pensionable Salary

Basic Salary less an amount equal to 1.5 times the annual basic State Pension for a single person (calculated as at 1 February).

Registered civil partner

This is the person you have entered into a registered Civil Partnership with under the Civil Partnership Act 2004.

the Company

Hewlett-Packard Limited

the Plan

The Hewlett-Packard Limited Retirement Benefits Plan.

Transfer value

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.