Hewlett Packard Retirement Benefit Plan extends TPA agreement with EQ Paymaster

Hewlett Packard Retirement Benefit Plan Extends TPA Agreement With EQ Paymaster

26 October 2020
  • The Trustees of the Hewlett Packard Retirement Benefit Plan have agreed to a five-year contract extension with EQ Paymaster
  • EQ Paymaster will continue to focus on the best possible member experience and retirement outcomes
  • EQ Paymaster has been working with the Plan since 2008

EQ Paymaster is pleased to announce that it has been re-appointed Third Party Administrator (“TPA”) for the Hewlett Packard Retirement Benefit Plan (the “Plan”) for a further five years. The Plan caters for c14,000 current and former employees of technology business, Hewlett Packard (HP).

The HP agreement is another in an extensive run of key renewals for EQ Paymaster, one of the UK’s largest pensions administrators and part of the international technology-led services and payments specialist EQ (Equiniti Group plc).

The appointment reflects the Plan Trustees’ goal of self-sufficiency and focuses on providing its members with the best experience and retirement outcomes available.

EQ Paymaster has worked with HP since 2008, in that time the Plan has invested in a range of member services that are integrated with EQ Paymaster’s front-end member engagement activity.

The agreement comes during a strong run of outsourced administration and software renewals for EQ Paymaster. This includes the extension of several key relationships with workplace pension schemes for large employers, such as HP and Hays Recruitment. Furthermore, EQ Paymaster has attracted new contracts with life insurance clients that are choosing EQ’s market-leading platforms to administer pension payments to their policyholders.  

Duncan Watson, CEO of EQ Paymaster, commented: “We’re delighted we will be working with the HP Plan for a further five years. We are proud of the service we provide to members and the work we have done to boost engagement and secure better retirement options for HP’s members.”

“We are very pleased with the way our team has responded to the disruption caused by the COVID-19 pandemic. The fact that so many clients are choosing to renew with us now is a testament to the quality and reliability of our people, services and technology.”

Phil Lawman, a Trustee of the Plan commented: “We have a diverse membership that will be well served by EQ’s pension engagement experts. EQ have specifically trained staff that will be on hand to assist our vulnerable members. With multiple generations of HP employees now facing retirement choices, we are doing all we can to help them get the best outcomes possible.”

ENDS

For more information:

Temple Bar Advisory

William Barker / Sam Livingstone / Alasdair Todd
Tel: 020 7183 1190
Email: equiniti@templebaradvisory.com

 

Notes to Editor:

About EQ (Equiniti Group plc)

EQ is an international technology-led services and payments specialist. With over 5,000 employees, it supports 36 million people in 120 countries and serves c.70% of the FTSE 100. EQ’s purpose is to care for every customer and simplify every transaction, delivered with less of an impact on the environment.

EQ is listed on the London Stock Exchange as Equiniti Group plc.

Find out more https://equiniti.com/

EQ serves clients and customers through four divisions:

EQ Boardroom: Share registration, governance and investor relations advisory, and employee benefits services

EQ Digital: Helping regulated businesses and Government to manage customers through innovative digital solutions

EQ Paymaster: Pensions, annuities, flexible benefits and payroll for the UK’s largest public and private sector organisations

EQ U.S.: Transfer agency, equity compensation services and digital solutions for U.S. firms; serving the world's leading brands since 1929

 

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