The NGUKPS is defined benefit pension scheme which is run by the Board of Trustees who have a legal obligation to administer the Scheme in accordance with its trust deed and rules, all relevant laws and fiduciary duties, including acting in the best financial interests of its beneficiaries.
With effect on and from 1 October 2024, the Scheme is comprised of Section A. It is sponsored by the commercial businesses which are not regulated by Ofgem.
Scheme history
The transfer of assets and liabilities from Section B to the National Gas Transmission Pension Scheme
On 31 January 2023, National Grid completed the planned sale of National Grid Gas plc (the company that operated its gas transmission and metering business). National Grid Gas plc was the sponsoring employer of Section B of the National Grid UK Pension Scheme and shortly after the sale changed its name to National Gas Transmission plc (NGT); it operates the GB national gas transmission network and the metering business.
As is normal with a sale such as this, it was agreed that the assets and liabilities of Section B would be transferred into a new Scheme sponsored by NGT. The NGUKPS Trustees worked closely with NGT and the NGTPS Trustees to ensure the transfer was managed properly. The Section B transfer took place on 30 September 2024 and the assets, liabilities, and members were transferred to the new NGT pension scheme on (or around) this date. From 1 October 2024, former Section B members of the NGUKPS became members of the NGTPS.
Like the National Grid UK Pension Scheme, the NGTPS is a defined benefit pension scheme run by the NGTPS Board of Trustees. They have a legal obligation to administer the scheme in accordance with its trust deed and rules, and all relevant laws and fiduciary duties, and act in the best financial interests of its beneficiaries.
For more information on the NGTPS, please visit their website.
The transfer of assets and liabilities from Section C to the new Cadent Gas Pension Scheme on and from 1 October 2020
The Scheme was initially restructured into three sections (A, B, and C) in January 2017 as a result of the sale of a majority stake in the Gas Distribution business to Cadent Gas Limited – Section C, sponsored by Cadent (formerly National Grid Gas Distribution).
In June 2019, National Grid sold its remaining stake in the gas distribution business to Cadent. As part of the sale it was agreed that Cadent would put in place its own pension scheme with the intention of transferring the assets and liabilities of Section C into this new scheme.
The proposed transfer required the agreement of the NGUKPS Trustee Board who needed to be satisfied that overall, the security of members’ benefits would not be diminished by the transfer, including no changes to members’ accrued benefits, spouse benefits, death benefits or the way members’ pensions increase.
The Transfer to the CGPS took place on 30 September 2020, and from 1 October 2020, members of Section C became members of the CGPS.
Like the National Grid UK Pension Scheme, the Cadent Gas Pension Scheme is a defined benefit pension scheme run by the CGPS Board of Trustees. They have a legal obligation to administer the scheme in accordance with its trust deed and rules, and all relevant laws and fiduciary duties, and act in the best financial interests of its beneficiaries.
For more information on the CGPS, please visit their website.
Key transfer dates
2024: Section B transfers to the National Gas Transmission Pension Scheme (NGTPS)
30 September 2024: Section B members transferred to the NGTPS. From 1 October 2024, Section B members became members of the NGTPS.
August 2024: The NGUKPS Trustees wrote to Section B members to give formal notice that the bulk transfer of Section B to the new National Gas Transmission Pension Scheme (NGTPS) would take place on or around 30 September 2024.
2020: Section C transfers to the Cadent Gas Pension Scheme (CGPS)
30 September 2020: Section C members transferred to the CGPS. Like the NGUKPS, the CGPS is a defined benefit pension scheme which is run by a Board of Trustees who have a legal obligation to administer the scheme in accordance with its trust deed and rules, all relevant laws and fiduciary duties, including acting in the best financial interests of its beneficiaries. For more information on the CGPS please visit their website.
August 2020: The NGUKPS Trustees wrote to Section C members to give formal notice that the bulk transfer of Section C to the new Cadent Gas Pension Scheme (CGPS) would take place on or around 30 September 2020.
June 2019: The NGUKPS Trustees wrote to members to explain National Grid had sold its remaining stake in the gas distribution business to Cadent, and that as part of this agreement, Cadent would be putting in place their own pension scheme with the intention to transfer the assets and liabilities of Section C into the new scheme.
April 2017: The NGUKPS Trustees wrote to members to confirm the Scheme had been restructured into the three sections, and that your pension benefits remain just as secure and well supported. There were no changes to accrued benefits as a result of sectionalistion, including no change to spouse benefits, death benefits or the way pensions increase.
December 2016: The NGUKPS Trustees wrote to members with benefits allocated to Section C to confirm the buyer of a majority stake in the Gas Distribution business.
November 2016: The NGUKPS Trustees wrote to members confirm which section your pension benefits had been allocated to. The Scheme sectionalisation videos ( below) were produced by the Trustees for members when the changes were made in 2016.
June 2016: The NGUKPS Trustee wrote to members to confirm their agreement with National Grid to create three separate and independent sections within the Scheme.
