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Retirement & Savings

Defined Benefit Pension

All Defined Benefit Pension Plan members retain the same benefit structure and do not have any flexibility around pension contributions (except Additional Voluntary Contribution), Life Assurance or Dependants Pension. 

Hewlett-Packard Ireland Defined Contribution Master Trust

Pension Contribution Structure

Your Contribution Company Contribution Release from or Increase in Employers Contribution
*0% 0% Release 6%
3% 3% Release 3%
3% 4% Release 2%
3% 5% Release 1%
4% 6% Standard
5% 7% Increase 1%
6% 8% Increase 2%

*Team members under the age of 30 may opt-out of the pension scheme. Membership to the pension scheme becomes compulsory upon reaching the age of 30 where you will automatically be enrolled at the standard level. You will have the opportunity to change your contribution level and release from or increase your employer pension contribution.

DC Pension contributions for all members will be calculated on current Annual Salary (or OTE if applicable). Please check your myChoice account for more information. 

Additional Voluntary Contributions (AVCs)

AVCs are a tax-efficient way of saving more into your retirement account to enhance your benefits at retirement. You should make sure that you are making the maximum Regular Ordinary Contribution rate of 6% before making separate regular AVCs. 

You can make regular AVCs as a percentage of your salary or you can make a lump sum AVC at any time:

One-off lump sum pension payment: Please do not use myChoice to request one-off AVC payments. Should you wish to pay a one-off lump sum into the Mercer Master Trust, please email uk.pensions@hpe.com with the amount you wish to pay by the 12th of the month (payroll cut-off) in which you wish to have the one-off payment deducted (AVC requests for December payroll must be sent by the 5th of Dec due to the early payroll cut-off date).

Adjusting monthly pension contributions: You can adjust your monthly contributions during the annual enrolment window. Alternatively, you can also do this at any point during the year by triggering an “Any Time” Qualifying Life Event (QLE) inside your myChoice account before the 1st of the month in which you would like the change to be effective from. 

If you need further help with this please contact the myChoice administrators via +35 319203015 (8.30am to 6pm, Monday to Friday) or hpemychoiceIRL@aon.com