Equivalent Pension Benefits (EPB)
1960s and 1970s Gas Board employees
Gas Board worker in the 1960s and 70s?
Paid into a pension?
You may have an EPB
When you left the company, you will have had a pension refund
A small portion of pension was left in the scheme
EPB payable when you reach 60 (women) or 65 (men)
For the whole period (1961 – 1975) the benefit would be £45.50 a year
A number of mergers and de-mergers over the years means National Grid Plc is now responsible for former gas industry pensions
As part of the changes, you were ‘contracted out’ of the existing ‘graduated’ state pension scheme
But the company had to make sure you still got the maximum pension you could have got if you’d stayed in it