More than a hundred pensioners who used to work in the computer industry have protested outside the HP offices in Winnersh over the denial of pension increases.
Former employees whose pensions are being managed by Hewlett Packard (HP) engaged in the protest due to them being shut out of increases to their pensions.
While former employees from 1997 onwards benefit from inflation protections thanks to the Pensions Act 1995, those hired before then are not afforded the same protections.
Increases in pension are at the discretion of the employer.
Members of the HP Pensioners Association have argued that their pensions have only increased three times since the law was enacted, meaning they have less protections.
The association held a protest outside HP Enterprise (HPE) offices at the Winnersh Triangle business park to call for pensions to be increased to help those struggling in the cost of living crisis.
The government’s Pensions Act 1995 only gives inflation protection for those with service from 1997 onwards.
Alan Evans, chairman of the HP Pensioners Association said: “This year we were very dismayed when we didn’t get an increase, because of the increased cost of living, inflation, the cost of energy, the cost of fuel and housing.
“So that’s why we’re here. We’re trying to persuade HP and the people who manage the pension scheme itself, the trustees, to work together to come with a plan for how we can have discretionary increases in the future.
“The problem is HP say it’s the trustees we need to talk to, the trustees say it’s HP we need to talk to.”
The pensioners presented HPE with a petition of a thousand signatures calling on HP and trustees to work together to give the former employees a pension increase.
The protest itself was attended by around 150 pensioners.
Mr Evans, 69, from Banbury, explained most of the pensioners in attendance, including himself, used to work for Digital Equipment Corporation (DEC), which was taken over by Compaq in 1998, which itself was taken over by HP in 2002.
After the demonstration, the pensioners enjoyed coffee and tea at the Crowne Plaza Hotel.
Martin Ranwell, one of the organisers, who travelled from Devon said: “We were led to believe that we would get increases in pension every year to keep pace with inflation and it hasn’t happened.
“Is that because HP can’t afford to do that? And the answer is, that’s not really the situation.
“They had total revenues last year of $28 billion, they made profits of $870 million, and the chief executive took home $17 million.
“There’s no question of them not being able to afford it, they have put the pursuit of profits over the needs of pensioners.”
Mr Ranwell was one of the founders of the Reading Half Marathon, which was first held in 1982.
In response, a spokesperson said: “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.”
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