The National Grid UK Pension Scheme (the Scheme) is a defined benefit (DB) scheme.
As an active member you pay 5% of your capped pensionable salary into the Scheme. Employers participating in the Scheme must pay at least 5% of capped salary (to match members’ standard contributions), and may have to pay substantially more.
When you retire, your pension will be based on a set formula made up of your pay, your years of service in the Scheme, and a fraction known as an accrual rate (1/60).
If you’re an active member, once a year we’ll send you a benefit statement, which gives you an illustration of the pension income you could get if you retire at the normal retirement age of 65, or if you retire earlier at age 60. This is usually made available online each year around July/ August time. We’ll email you when your latest statement is ready to view.
However, you can view your benefits at any time if you’re aged 54 or over at My Retirement Planner. You will need to login to BWebstream to use My Retirement Planner. Once logged in, you can find it under ‘Your Services’.