The Hewlett-Packard Limited Retirement Benefits Plan

The HP Ltd Retirement Benefits Plan
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  • Normal retirement
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  • Ill health retirement
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  • Pension increases
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Pension increases

All pensions when in payment are reviewed each year in April and may be entitled to receive an increase. 

Different rates of increases are applied to different elements of the pension. The table below provides a summary of the pension increases for members who left service on or after 7 March 2000:

Pension in excess of the GMP for Pensionable Service prior to 6 April 1997

Increased at the discretion of the Company.

Pension for Pensionable Service from 6 April 1997 to 30 June 2005

Increased in line with the increase in the Retail Price Index (RPI) up to a maximum of 5%.

Pension for Pensionable Service on and from 1 July 2005

Increased in line with the increase in the Retail Price Index (RPI) up to a maximum of 2.5% (except for those members who opted to pay additional contributions to maintain the 5% cap).

Note 1: These increases do not apply to benefits in respect of additional voluntary contributions, transfers in or discretionary benefits.

Note 2: From state pension age the state checks whether your GMP in payment is at least as high as a notional amount of additional state pension. This notional pension increases fully in line with inflation. If the GMP is lower than this notional pension, you will be paid an additional amount from the state together with your basic state pension. However, your GMP at state pension age may be higher than this notional pension and you may not receive any additional amount until many years after your state pension age – if ever.

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Expression of Wish Forms and letters – an update

In response to our recent letter titled ‘Who do you want to receive any benefits payable from the Plan?’ we have received several very good questions from members. We thought to share the responses more widely and have done so by writing again to all members. You can also see a copy of this letter by visiting the News section of this website.