Apply to join the Board and help ensure the Scheme continues to run effectively on behalf of all our members.
The Scheme is seeking four Member Elected Trustees (two from Section A and two from Section B) to join the Board from 1 April 2022.
Contributing, Deferred and Pensioner members are eligible to apply to stand as a candidate in the elections which will take place in January 2022.
A booklet outlining what the Trustee role involves and what you need to do if you wish to apply has been issued to eligible members (by post and/or by email, depending on how you receive communications from the Scheme).
If you’re an eligible member and interested in applying, we’d encourage you to attend the introductory briefing webinar so that you understand the role and the commitment involved before you put yourself forward as a candidate. The webinar will be held via Zoom on 30 September 2021.
To register your interest and book a place, please email: gas.pensionsenquiries@TEL41.com by no later than 24 September 2021.
We’ll issue you login instructions by 28 September in time for the event on 30 September.
For more information, please click to access an FAQ on the Scheme website.
If, having read the FAQ, you have further questions, please send them to: gas.pensionsenquries@TEL41.com.
We hope you’ll read the information and consider applying.
GMP reconciliation is the name of the process used to ensure the Scheme records agree with those of the National Insurance Contribution Office (part of HMRC). This process enables a scheme to consider its data as clean and entirely reliable.
Most UK defined benefit pension schemes, including the NGUKPS, have been required to undertake an exercise to reconcile their records recently. The process has resulted in a small number of members’ pensions being adjusted in March 2021. Those affected have been informed.
Other members will not see a change in their pensions in payment although the way the different elements of their pension have been increased will have altered from previous years; this is to reflect the corrected GMP figures identified by HMRC during the Scheme GMP reconciliation exercise.
A Q&A on GMP reconciliation is available.
You may be aware that National Grid recently announced three significant transactions:
The Trustee understands that these transactions are intended to create a number of strategic benefits for the Company:
The Trustee further understands that National Grid’s focus as a Group will be to continue enabling the energy transition for all and continuing the decarbonisation of gas.
The Trustee is engaging with National Grid and is working closely with its professional advisers to monitor and assess the situation in the context of its duties.
It is important to note that pensions are continuing to be paid in the usual way.
More detailed information about the Company transactions can be found on the National Grid website.
A message for contributing and deferred members
From 6 April 2028, the earliest age from which people can normally start to take their pension benefits is changing from age 55 to age 57. The Government confirmed this change for most pension arrangements in February 2021 - although some schemes may still allow benefits to be taken before age 57 when the changes comes in from April 2028.
At present, whilst the Government is still consulting on the detail, we are unable to confirm the extent to which the changes will impact the Scheme, and it may take some time before the position becomes clear.
If you are thinking about taking a transfer with an expectation that you can start to take benefits from the receiving arrangement prior to age 57, you should consider this and discuss it with your financial adviser.
This change does not impact the ability to take pension benefits before the minimum pension age as a result of ill-health.
The latest issue of Pensions Update is now available for you to view online at My Online Pension where you can find it under General Documents.
If you receive your copy by post, the newsletters are currently being printed and will be mailed out in early March.