As previously reported, last year National Grid sold a 60% stake in National Gas Transmission (NGT) to Macquarie Asset Management, an ownership Consortium. NGT is the UK gas transmission and metering business, and the sponsoring employer of Section B. Macquarie also had the option to purchase the remaining 40% stake during 2023.
On 20 July 2023, National Grid announced they have agreed to sell a further 20% stake in NGT to the same Macquarie-led Consortium. This sale would bring the Consortium’s ownership to 80% of NGT. National Grid has also agreed a new arrangement where the Consortium has the option to purchase the remaining 20% during 2024. A link to National Grid’s announcement is available here.
The Trustee continue to work closely with NGT on their plans to set up a new pension scheme and transfer the assets and liabilities of Section B to the new scheme in due course. If you’re a member of Section B, there is no planned change to the way your benefits accrue or are calculated, nor in how pensions are paid (on the 15th of each month) nor in how the Scheme is financially managed and supported. There’s nothing for you to do in this respect and there’s no action we’re asking you to take.
It had been anticipated that the transfer would take place during autumn 2023 but it is now expected to take place at the end of 2023. In the meantime, there’s a Q&A available for Section B members here.
An update on the latest valuation results for each Section is currently being finalised and will be issued to members during September.