Information for members living overseas
The Trustees have a duty to protect the Fund. To this end, from time to time they may share the Information held by the Scheme with other bodies (for example those administering public funds) solely for the prevention and detection of fraud. On behalf of the Trustees, UK Pensions Operations has appointed Target Professional Services to provide mortality screening and address tracing services to help trace missing Scheme members.
The services Target provide identify deceased members in cases where death has not been advised, and are useful in tracing members (including EPB-only members) for whom we hold no contact details on record. Target also help the Pensions team arrange prompt settlement of death benefits, reduce cases of overpaid pension where the member has died and the Scheme has not been notified, and in some cases prevent identity fraud.
If you are living overseas
Just to make you aware in case you are contacted by them, Target Professional Services has recently conducted an email and postal send out on behalf of National Grid UK Pensions Operations to help the Scheme validate the data held on its records with the aim of reducing identity fraud. This is a regular, annual project conducted by National Grid UK Pensions Operations on behalf of the Trustees.
If you have any queries or wish to discuss the work Target undertake, please contact the administration team on 08457 7585247 or at email@example.com
A new investment for managing risk within the Scheme
The Trustees are always keen to keep members informed of any developments involving the Scheme and you may have seen an announcement in the press that we have recently purchased an insurance policy from Rothesay Life as part of the Scheme’s investment strategy. This investment is known in pension terms as a ‘buy-in’.
A buy-in is a prudent way of managing risk within the Scheme. The Trustees have used some of the existing assets of the Scheme to buy a policy from Rothesay Life which provides future income for the Scheme. While this is a new approach for us, this kind of insurance policy is increasingly common for many schemes, especially for schemes as well funded as ours.
How does it work?
With this particular transaction, Rothesay Life will make payments to the Scheme which broadly reflect the pensions being paid to a sub-section of members within Section A. Effectively it provides the Section with an income that will match its payments to these members even if members live longer than we have allowed for in our current funding projections.
How does this affect me?
Rest assured that this does not in any way affect any member’s pension entitlement - whether you are a member of Section A, B or C, there is no change to the way your pension is calculated or paid as a result of this investment.
The Scheme is still responsible for paying your pension. If you are 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 UK Pensions Operations’ payroll team based in Wokingham.
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.