An update from the Trustees for your awareness

You might have seen a recent announcement in the financial news, that the Scheme has bought a further annuity policy from Rothesay Life plc (Rothesay).  This investment policy is known in pension terms as a ‘buy-in’ and is part of the Scheme’s investment strategy. We’ve completed similar buy-in arrangements in the past with Rothesay, in 2019 and 2020, and this latest buy-in continues the Trustees’ strategy to manage investment risk.

This doesn’t alter your benefit entitlements from the Scheme in any way or require you to take any action. There is no change to how you receive your pension as a result of the buy-in.

The Scheme is still responsible for paying your pension. If you’re retired, your pension payments will continue to be paid in exactly the same way as they are now – normally on the 15th of each month through Barnett Waddingham’s (BW) payroll team.

BW’s admin team, based in Guildford, remains the point of contact for any day-to-day questions about your pension.

You can read more about the new investment policy and how it works in the Questions and Answers available here.

About Rothesay

Rothesay is a UK pensions insurance specialist, securing the pensions of over a million people. Established 18 years ago, Rothesay was purpose-built to protect pensions, providing financial security for policyholders through investing over £70 billion according to a long-term investment strategy.

Rothesay have provided a video which you can view here, to help inform you, as a member of the Scheme, of what to expect following the purchase of a buy-in policy with Rothesay.

Data Privacy

For the Trustees to enter into the contract with Rothesay, we need to share some Scheme personal data with them, in the same way as with the previous buy-in policies. Under the terms of the buy-in policy, Rothesay is a ‘Data Controller’ as defined under General Data Protection Regulations (GDPR) and must adhere to the strict controls set by the data protection legislation. The Scheme’s Privacy Notice reflects this and is available to view, here. A copy of Rothesay’s privacy notice, providing further information on how Rothesay looks after the Scheme’s data can be found here.

The Trustees of the National Grid UK Pension Scheme

5 August 2025