An update to the Scheme Privacy Notice
The Scheme Privacy Notice has recently been updated. You can see the current version dated 13 September 2019 on the website here.
It's that time of year when we issue active members an annual update of the value of their pension.
Benefit statements are issued by post at the end of August each year.
If you are an Active member or a Deferred members and you pay (or paid) into a Money Purchase AVC fund, you will also have been issued a Statutory Money Purchase Illustration.
Impact of Cadent sale on Section C members. The Trustees have written to members of the National Grid UK Pension Scheme following the sale by National Grid of their remaining stake in Cadent.
If you’re a Section A/B member
This does not affect members of Section A and Section B as explained by the Trustees in their letter. However, if you have any questions you can take a look at the detailed Questions & Answers document.
If you’re a Section C member
You can read a copy of the letter sent to Section C members from the Trustees here, or take a look at the detailed Questions & Answers to help answer any questions you might have.
Remember, you do not need to take any action. If you are a Section C member, you will receive a further update early next year.
Help for contributing and deferred members who are thinking about retirement. This news item is not aimed at members who have already retired from the Scheme and are taking their benefits.
My Retirement Planner, the new secure online service that has been developed to help you understand your retirement options has now gone live and is available to use.
It’s been specifically designed for contributing and deferred members who are within a year of their earliest Scheme retirement age – for most people that will be age 54 but it might be younger (age 49) if you left National Grid or Cadent due to redundancy.
You can use My Retirement Planner as you approach retirement to explore your Scheme retirement options. It shows current information about your pension figures, and explains your options both within and outside of the Scheme. Plus, there is access to dedicated impartial financial advice and guidance from an independent financial adviser if you need it.
If you are eligible to use the services now, you’ll have been sent an invitation to register and a guide to explain how it works. You can access My Retirement Planner from here.
If you are under age 54, while you won’t be able to access your own figures until you are a year from your earliest Scheme retirement age, you’ll be able to access the general information available on My Retirement Planner later in the year. We’ll write to you then with information on how to register.
You may have seen recent reports about a High Court decision which may have a small impact on your Scheme benefits...
You may have seen recent reports about a High Court decision which may have a small impact on your Scheme benefits. The decision requires occupational pension schemes to adjust certain members’ benefits to remove inequality caused by guaranteed minimum pensions (GMPs) earned from 17 May 1990 up to and including 5 April 1997.
If you are affected your benefits may need to be adjusted when they come into payment or for future instalments, but please note that any top-up is expected to be relatively small. There is currently considerable uncertainty about the High Court decision, how benefits will be equalised or the effect it will have on your benefits. The Trustees are working with their advisers to consider what the decision means for the Scheme.
It is expected to be a complex process for all affected occupational pension schemes which may take many months or years to complete. We will update you as and when we can, so please continue to check the Scheme website from time to time.