A GROUP of angry Hewlett Packard Enterprise (HPE) retirées gathered to protest about the value of their pensions which they say have lost 65% of their purchasing power over the last 20 years.
HP Pension Association led the rally from Winnersh Triangle Station to Hewlett Packard Enterprise’s Reading headquarters, where the group gave a petition signed by more than 1,000 pensioners to an executive representative.
Mainly in their 70s and 80s, the protesters worked for the tech giant pre 1997, and say they now find themselves in ever-increasing financial crisis.
They say that an average pensioner on £10,000 per annum has lost about £70,000 over 20 years, and that the deficit for the group as a whole is above £200 million, and climbing.
Diane Ranwell said: “We haven’t had an increase in pension in two decades.
“My husband still has to work, and he’s 85 next month, so we haven’t had a retirement because it’s just not possible to do so.”
The pensioners are angry because they say they are not being treated the same as more recently retired colleagues, and because the company is not listening to their concerns.
Those with service post 1997 receive annual increases to their pensions, guaranteed under the government’s Pensions Act of 1995.
But people who retired before that date do not benefit from the inflation protection.
Any increases in pension are at the discretion of the employer, in this case, HPE.
The protesters say that the tech giant appears to have a policy of no increases in pension unless required by law, with very few exceptions.
They also say that the company refuses to disclose the criteria used to decide if an increase in pensions is to be awarded.
“It’s secretive and covert,” said HP Pensions Association officer Martin Ranwell.
“They won’t say because there are no criteria, and they cannot justify their ‘no increase’ decisions.
“The annual reviews are a charade.”
Ms Ranwell continued: “I know it’s not against the law, but it’s not ethical.
“A lot of companies do pay their retired employees an index linked pension, it’s a drop in the ocean for HPE.
“My husband has lost £120,000 over the past 20 years.
“Last year the chief executive took home $17 million.
“Their profits are enormous.”
The group says that Hewlett Packard is aware of the problem, and has repeatedly been asked for a change of policy.
The pensioners are angry that the company refuses to do so, and say that it will not even meet with representatives to discuss the issue.
“It appears that HPE management does not care, and puts profits first,” said Mr Ranwell.
“We believe that they simply do not value us, or care about our wellbeing.”
The pensioners say they want the company to live up to its claimed high ethical values, and are asking to be treated with the same fairness and equality as those in service post 1997.
“We want a meeting with senior management, and an agreement to address the increasing financial crisis of their pensioners,” said Mr Ranwell.
“This rally is taking place because all else has failed and we are just ignored.
“The company says, ‘speak to the trustees,’ and the trustees say, ‘speak to the company.’ “
Protesters came from Thames Valley, and further afield, including from Banbury, Winchester, and Devon.
Steve Leadbetter and John Brooks travelled from Basingstoke and Newbury.
Mr Leadbetter said: “I’ve been retired for eight years, but some here have been pensioners for a lot longer, and they’ve had hardly any pension increase in 20 years.”
“It’s not moral,” added Mr Brooks.
“We joined Digital Equipment Corporation (DEC) as it was then, before HP took over.
“Digital was always a very moral company.
“Even though HP might be adhering to the letter of the law, to not give people with credits prior to 1997 anything, is just not fair.
“People talk about triple lock.
“We’re not getting any lock at all; there’s no increase whatsoever, and a lot of the older pensioners are struggling.”
Mr Leadbetter added: “The mantra of Digital was that it was people-centric, and the key thing was always, ‘do the right thing.’
“This isn’t the right thing.”
A petition with more than 1,000 signatures was given to a representative of HPE, who said she would pass it on to executives.
Asked to comment, the company gave the following statement: “HPE is committed to satisfying all of its responsibilities to both current and former team members.
“The decision on whether to grant discretionary increases to relevant pensioners is given careful consideration and is made based on a number of factors.
“It is reviewed on an annual basis.”
