Over the past year, the Trustees have been working closely with National Grid regarding the pensions implications of the Company’s sale of a 60% stake in National Grid Gas, the Gas Transmission & Metering business and the sponsoring employer of Section B.
The new company, known as National Gas Transmission (NGT) has confirmed that it will be setting up a new pension scheme and expressed its intention to request the transfer of all the assets, members and liabilities of Section B to the new scheme. It is proposed that the transfer will take place during autumn 2023.
Discussions are at an early stage and the Trustees and NGT are working collaboratively to agree the next steps of the process. A letter from the Chair has been issued to Section B members with the annual Pensions Update, explaining what’s happening.
There’s no need to be concerned by the planned change – there’s nothing for you to do in this respect and there’s no action we’re asking you to take.
We don’t yet know how the transfer of Section B to the new scheme will proceed but there should be no change to how pensions are paid (on the 15th day of each month), how benefits are calculated, how the section is funded as the new scheme going forward, or in the standard of service you currently receive from the administration team.
A Q&A is available for Section B members. If, after reading the Q&A, you have a further enquiry about this exercise, please email: SectionB-sale@Barnett-Waddingham.co.uk
The Trustees are committed to keeping you informed and further communications will be issued to Section B members in autumn 2023.