The HP Limited Retirement Benefits Plan

What happens next?

From 1 November 2022 there will be three vacancies when the term of office for the existing MNTDs expires.

Although the current MNTDs are putting themselves forward for reselection, you have the opportunity to nominate yourself for selection.

Each candidate requires a nomination from at least one other member of the Plan. If you wish to nominate yourself, please complete the online Trustee Nomination Form by 1 July 2022.

In addition to completing the nomination form, you must also complete a biography and selection statement.

This should include the following

  • Details of any activities, relevant background or qualifications that you believe would be pertinent to the role, including financial and investment aspects.
  • Why you wish to become an MNTD.
  • The qualities you think you could bring to the role.

The Trustee will follow the Pensions Regulator’s principles of proportionality, fairness and transparency when carrying out the nomination and selection of MNTDs.

The Trustee’s procedures for selecting MNTDs are as follows:

  1. A nomination is submitted to the Trustee using the online form.
  2. Each application is accompanied by a Selection Statement which includes a brief biography of the applicant and the reasons why they feel they should be selected.
  3. The applications are reviewed by a selection panel who will invite suitable applicants to an interview. Following the interviews the selection panel will make a recommendation on the appointment of MNTDs to the Trustee, excluding any Trustee Directors seeking re-selection.
  4. If the number of nominations is less than or the same as the number of new MNTDs required, the nominated individual(s) will not automatically be appointed. MNTDs will only be selected if the panel believes that they would be able to satisfactorily fulfil the role of a Trustee Director.
  5. The selection panel consists of at least three of the current Trustee Directors not seeking re-selection and a Company representative.
  6. If, at the end of the process MNTD posts are not filled, unfilled posts will be left vacant for 12 months, after which further nominations will be invited. If there are more nominations than appointed, the nominations will be kept on file and reviewed if a post becomes vacant during the normal MNTD term.

MNTDs will hold office for three years. At the end of the term, MNTDs will be allowed to offer themselves for re-selection.

However, where an MNTD is appointed to fill a vacancy due to a post not being filled at a previous selection process, the new MNTD will serve until the term of office of that position would have expired had the vacancy been filled in the original selection process.

The Pensions Regulator’s Code of Practice will be complied with at all times and in particular, to ensure that the Main Board has at least one-third of its number comprising of MNTDs.

Individuals will lose their role as MNTDs before the end of their three year term of office if:

  • they resign as a Trustee Director;
  • the law prevents them from continuing; or
  • all of the other Trustee Directors vote to remove them.

If an individual ceases to be an MNTD and a vacancy arises mid-term, selection of a replacement MNTD will be run at the next selection process. A selection process may be run earlier if the Trustee Directors decide or a replacement MNTD may be selected from applicants kept on file from the previous selection process.

The role of the Trustee

Who Can Apply?

Current Trustee Directors