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National Grid UK Pension Scheme agrees £2.8bn buy-in deal

Rothesay Life has concluded a £2.8bn buy-in transaction with the National Grid UK Pension Scheme.

Transaction highlights:

  • The buy-in policy is in respect of Section A of the National Grid UK Pension Scheme – providing more certainty around the impact of changes in life expectancies, and removing financial risks such as interest rate and inflation changes, with the aim of protecting the future funding of the Scheme
  • The transaction reflects the ongoing risk management focus of the Trustee in respect of the whole Scheme, and involved a collaborative project between the Trustee and National Grid. The Trustee and Company have worked together to put in place a deal which both agree is good for members
  • The £20bn National Grid UK Pension Scheme is the defined benefit pension scheme primarily for previous employees of the gas industry

For the full press release click here