Opting out of the HP Plan (Digital, HP, or Bank of Ireland sections)
You may wish to opt out of the Hewlett Packard Limited Retirement Benefits Plan for personal reasons, for example because you have reached an “optimum age” (eg 60), or for financial or tax reasons.
This process also applies if you are taking partial or full retirement benefits whilst still actively employed by HP.
Once you have opted out you will be unable to re-join the Plan but you have the right to join the HP Investment Scheme. Before opting out you may wish to seek independent financial advice, and also check any impact this decision may have on benefits payable in the event of your death.
The Administration Team will amend your pension record accordingly and will liaise with the Company to arrange for your payments to stop.
You will be sent a link to the HP Investment Scheme website, which contains information on how to join this arrangement should you wish to do so. The site also contains a description of your new death in service benefits.
This link will allow you to view the Rules and booklet of the HP Investment Scheme: http://www.hppension.co.uk/hartlink
We are unable to offer you financial advice
We recommend you contact an Independent Financial Advisor if you do need advice.