The HP Limited Retirement Benefits Plan
The Trustee Directors are responsible for running the Plan in accordance with the Plan’s rules and UK pension legislation.
The Trustee Directors hold regular meetings during which they carry out the business of the Plan. With the help of advisers, the Trustee Directors monitor and review the Plan’s investment performance, invest any contributions to the Plan and ensure that legal requirements are met.
This is a big responsibility and requires considerable commitment. A Trustee Director should expect to spend approximately ten days a year attending Trustee meetings together with an additional day per month spent on general trustee matters. This gives a total time commitment of 25-30 days per year. In view of this it is suggested that employees discuss this commitment with their manager/employer. If you are an HP employee, the Company has an obligation to support you in the role if you are selected.
All new Trustee Directors will be required to complete the “toolkit” provided by the Pensions Regulator and to sit the Pensions Management Institute Award in Pensions Trusteeship.
Details can be found at:
To help them in their role, new Trustee Directors will receive training. This is important to ensure that Trustee Directors have sufficient knowledge and understanding of pension matters and is also required under the regulations covering pension arrangements.
To help them fulfil their duties the Trustee has appointed advisers who provide the Trustee Directors with pensions’ law expertise.
If you are thinking of becoming a Trustee Director, you should look at the guidance for new trustees provided by the Pensions Regulator. You can find this online at:
