Welcome to your 2023 Newsletter from the Trustee, keeping you up to date with Plan developments and wider pensions news that might affect your financial future.
Over the years, the Plan has enjoyed good investment performance, which has resulted in us having a surplus in the funding level. However, in more recent years, events both globally and domestically, have resulted in the upset in the investment and pension markets and a UK gilt crisis. We’re aware that some of you may have been concerned by reports of the investment market turbulence in September 2022 and may have been wondering how this might affect the value of your pension savings. We want to reassure you that the Trustee closely monitored the Plan’s position throughout the period of uncertainty, took appropriate investment advice, and acted when necessary to protect the Plan’s financial standing.
We continue to work with our advisers to monitor the Plan’s position and will provide any updates or further information through the Plan website as appropriate: hprbp.com.
It’s important to remind you that pension scammers use times of market volatility to try to steal peoples’ pensions. We’ve provided some information on how to spot a scam.
The Government delivered its Spring Budget in March 2023, which included the biggest shake-up in the taxation of pensions for almost 20 years. Find out more about this and what it means for your pension.
As a Trustee Board, we remain focused on improving our carbon footprint and moving away from paper communications where possible. Our ‘Pension Bytes’ emails have continued to keep you updated with information about the Plan, changes to the member website and developments in the pensions industry. If you’re not yet signed up for digital communications, keep an eye out for an invitation soon. Alternatively, you can log on to MyPension your Secure Member Portal, where you can add your email address and change your communications preferences.
We’re always keen to improve the communications you receive from us, so any feedback you give is extremely valuable. Please let us know what you find helpful, and likewise, if there’s anything more you’d like to see.
If you have questions about the Plan or your benefits, or if you’d like more information on the articles in this newsletter, feel free to contact us. Head to the ‘Contact details’ section to find out how.
I wish you and your families well.
Paul Early
Chair of the Trustee
Hewlett-Packard Limited
Retirement Benefits Plan