The Plan is managed by a Trustee company called Hewlett Packard Enterprise UK Pension Trustee Limited. There are currently eight Trustee Directors: five are appointed by the Company and three are nominated by members of the Plan, known as Member Nominated Directors (MNDs).
Your current Trustee Directors
Appointed by the Company
Paul Early* (Chairman)
Nominated by members
* Trustee Directors in receipt of a Plan pension.
To view the full Trustee Board list, visit www.hprbp.com/plan-information/trustee.
Paul Early (Chair)
Select a Sub-Committee name above to reveal which Trustee Directors are members of that Sub-Committee.
For an explanation of the roles and responsibilities for a specific Sub-Committee, select a Sub-Committee from the options below.
Funding and Covenant Sub-Committee
This Committee looks at the financial strength of the Company to assess its ability to continue to provide financial support to the Plan (also known as the strength of the Company’s covenant). It also makes recommendations to the main Trustee Board on matters relating to the funding of the Plan. To achieve this the Committee:
- Monitors the funding status of the HP Plan and progress against the Trustee’s ‘journey plan’ to full funding;
- Works with the Scheme Actuary to formulate and recommend to the Trustee Board the most appropriate funding strategy;
- Ensures that the Trustees are complying with all relevant and applicable scheme funding legislation;
- Gathers information about those HP entities which have a legal responsibility to financially support the HP Plan;
- Obtains information, where appropriate, on the wider HPE group, to help assess the indirect as well as direct covenant;
- Provides direction to the Scheme Actuary and appointed covenant adviser; and
- Reports back to the Trustee Board on the Committee’s findings.
It also considers funding related proposals made by the Company as well as the impact on the Plan funding (if any) as a result of changes within the Company.
Trustee Investment Sub-Committee
The main objectives of this Committee are to:
- Devise, and recommend to the Trustee Board a suitable asset allocation policy and investment strategy that maximises the ability of the HP Plan to pay members benefits as they fall due;
- Implement and monitor the approved policy and strategy; and
- Ensure that the Trustee Board is complying with its fiduciary duties in respect of investment issues.
This Committee focuses on the administration of the Plan. Its primary responsibilities are to:
- Ensure the general administration of the Plan is functioning and operating effectively and efficiently with a view to providing and maintaining a consistently high quality of service to members;
- Document and keep under review the Plan’s administrative policies and procedures to ensure a good governance framework is in place;
- Promote accuracy and clarity in the communications issued by the Trustee; and
- Ensure that the Plan’s administrator has all the relevant information available for them to undertake and fulfil their duties effectively.
The Audit Sub-Committee manages the annual audit of the Plan’s formal report and accounts. This includes the appointment and management of the Auditor. To achieve this, it works closely with the Operations Sub-Committee to oversee the production of the annual report and accounts.
De-risking is an investment process, whereby the Trustee looks to transition the investments the Plan holds from those designed to grow in value to those which are more closely aligned to the benefits the Plan will ultimately pay. The Trustee has agreed an investment strategy to achieve this objective. This Committee was responsible for implementing this strategy and now monitors its ongoing delivery.
Advisers to the Trustee
The Trustee is supported by a number of professional advisers. These include:
Secretary to the Trustee
Inside Pensions Limited
David Eteen FIA, Aon Hewitt Limited
Equiniti Pensions Solutions
Lincoln Pensions Limited
Concert, a Buck company