Plan news
Funding
Financial highlights at 31 October 2022
01 July 2023
Each year the Trustee produces the Plan’s Annual Report and Financial Statements. You can view the full document in the Library section. Here's a summary of the key information.
Summary at 31 October 2022
The value of the Plan
£1.2
billion
The number of Hewlett-Packard Section members
4,137
The value of the pensions and lump sums paid to members*
£44.5
million
The value of individual transfers out paid to other schemes*
£7.9
million
The funding level of the plan fell from 108.7% as at 31/10/2021 to 99.2% by 31/10/2022, due to losses incurred in the investments that the HP Plan holds. However, the Trustee remains confident that the Plan is able to pay pensions and benefits as they fall due. The Trustee continues to work with its advisers to regularly monitor the funding and investments of the Plan.
* Figures are in respect of the period from 1 November 2021 to 31 October 2022.
At 31 October 2022 the Plan assets had decreased in value to £1,226.3 million. The funding target had also decreased to £1,235.9 million. The resulting funding level is 99.2%, a decrease of 9.5% compared to the 2021 figure.
Figures have been rounded.Our members
