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Chairman's introduction

Photograph of the chairman

Welcome to our 2022 Newsletter which includes information and articles that we hope you find useful and interesting.

We know that members will be concerned about the impact of recent significant events on world markets and the consequences for the Plan’s assets. Both the pandemic and the Russia/Ukraine crisis have contributed to market turbulence and a significant increase in expected inflation levels. The Trustees have monitored the Plan’s assets even more closely than usual over the last two years and have reviewed and adjusted investment strategy as needed. The good news is that the Plan was already invested in a low-risk way that tracked its liabilities, and we had less than 10% of assets in stocks and shares. This means that the impact of market turbulence has been a lot lower than it might have been. The Plan’s funding level has held up well – although it did fall by a very small amount during the first quarter of 2022, we are still better funded than we were a year ago and on target to meet our goals. The Trustees will continue to keep a close eye on developments and take action if required.

If you’re currently receiving your pension you will continue to receive your payments on time as expected.

The Trustee has continued to focus on its communication strategy with regular updates on the member website and a series of bitesize emails, Pension Bytes.

We are always trying to improve our delivery of important news and educational information, giving you the tools to manage your pension as easily as possible. We are trying to reduce the plans carbon footprint by moving to an electronic format in our communication to members.

We encourage you to log on to MyPension – your Secure Member Portal, where we have added new functionality so you can update not only your email address and postal address but also your Expression of Wish online. It is important to keep your Expression of Wish up to date to ensure the Trustee takes your wishes into account.

The Pensions Regulator has highlighted the potential risk of increased pension scam activity as fraudsters look to prey on people’s concerns, as result of the current financial uncertainty. You can find out how to spot a pension scam as well as where to get more information in this newsletter.

We are always keen to hear your feedback so please do let us know what you enjoy and any other items that you would like to see covered in future editions.

If you have questions about the Plan or your benefits, or if you’d like more information on the articles in this newsletter you can contact the Trustee using the appropriate information under the ‘Contact details’ section or by participating in the ‘Have your say’ survey on the Plan website.

I wish you and your families well for the rest of the year.

Paul Early
Chair of the Trustee
Hewlett-Packard Limited Retirement Benefits Plan

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