National Grid UK Pension Scheme, also known as ‘NGUKPS’, ‘the Gas Scheme’, or ‘the Scheme’, is a registered defined benefits pension scheme under Chapter 2 of Part 4 of the Finance Act 2004.
The Scheme has a long history and is currently comprised of two sections:
- Section A, sponsored by National Grid’s commercial businesses, which are not regulated by Ofgem
- Section B, sponsored by the Gas Transmission business, National Grid Gas Plc.
The sections are ring-fenced from each other with completely separate assets and liabilities. Each section has its own assets, financial support, and security arrangements.
Pension benefits are calculated in the same way across the whole Scheme, regardless of which section you’re a member of.
NGUKPS is overseen as a whole by the Trustee Board, who believe in providing a positive experience for its members and for everyone dealing with the Scheme.
For any day to day questions about your individual pension in the Scheme, please contact the pension team.