National Grid Pension Legal and General

As contributors to several ICLMG guides covering different areas of activity, we believe that publications are an excellent source of information for investors and that participation in the ICLG series is one of the best ways for a law firm to market and promote itself. The guides give companies the opportunity to be internationally recognized by showcasing their experience, skills and professionalism. In addition, the questionnaires are very well structured and aim to provide readers with the most useful and relevant information in a particular sector. Gjergji Gjika – Gjika & Associates Avocats “Moving away from internal asset management was a difficult strategic decision for directors,” Nigel Stapleton, chairman of the Pension Funds Board of Trustees, said in the statement. “However, the increasing maturity of the program and the evolution of our investment strategy made it a well-considered decision that we could not avoid. We now look forward to a long and fruitful strategic cooperation with LGIM. » Legal & General manages first insured payment policy (APP) with smaller pension scheme It will come just over a month after the energy network operator announced a £2.8 billion pension buyback deal with Rothesay Life, another insurer specialising in pension risk transfer. Tuesday`s deal will cover a modest part of National Grid`s pension system, which is among the largest in the UK`s energy sector. National Grid`s exposure to a possible attempt to nationalise the Labour Party if it wins the general election has prompted the company to transfer part of its UK business to ownership of holding companies in Luxembourg and Hong Kong, according to the Sunday Times. Andy Agg, Chief Financial Officer of National Grid plc, said: “This is another step in our long-term fixed income strategy and reduces the risk of long-term retirement risks for National Grid and gas consumers.” The transaction concerns Section B of the £20 billion gas industry programme and covers the benefits of around 6,000 retired members. Funding was provided by £1.6 billion of UK bond bonds from the programme. Pension fund trustees will be able to withdraw assets from the core portfolio, make benefit payments and invest in active equity strategies, and will also be able to transfer assets from portfolios currently managed by other third-party asset managers, the statement said.

The buyout relates to Section B of National Grid`s UK pension scheme and will cover more than 6,000 members of the company`s UK Section B pension scheme. Sources said the latest retirement risk deal reflects ongoing efforts to reduce the risk on the company`s balance sheet. The latest in a series of efforts by big business to reduce their retirement risk will be unveiled on Tuesday, Sky News has learned. The PRT industry has exploded in recent years as pension plan trustees and corporate boards seek to manage pension risk more effectively. The buyback policy refers to Section B of the NGUKPS. NGUKPS is a £20 billion defined benefit pension scheme aimed primarily at former employees of the gas industry. NGUKPS is a defined benefit pension scheme designed primarily for former employees in the gas industry and responsible for approximately £20 billion of assets under management. Inaccessible to new members, it has a total of about 100,000 existing members, primarily from National Grid`s gas distribution and transmission business.

National Grid`s pension plan trustees would have been advised by Aon. Sign in to My Account to check your pension, see how much you may have in retirement, and find out how the salary waiver can increase your savings. Andrew Barton, Macfarlanes` insurance partner, who led the firm`s advisory team with support from senior insurance lawyer Madison Kaur and insurance lawyer Alexander Cibulskis, said closing the transaction was critical for L&G to “help them reduce the risk of long-term retirement risks for National Grid and gas consumers.” The pension fund has total assets of £17 billion. An office will be created by the pension fund to oversee the management of the entire portfolio. It will be directed by Rob Schreur from November 1. M. Schreur is currently Chief Investment Officer of Philips Pensioenfonds, Eindhoven, Netherlands, which has €17.8 billion ($19.8 billion) in assets. Sky News expects the company, which tops Labour leader Jeremy Corbyn`s list of nationalisation targets, to announce the conclusion of a pension buyback deal as early as Tuesday. Find out about your pension benefits, how to transfer other pensions to them, and find out what happens when you change jobs. Under the terms of the transaction, L&G will indemnify the plan trustees for benefits payable to a subset of Section B pensioners, including spouses, until the death of the last pensioner. National Grid UK Pensions Operations (NGUKPO) remains responsible for the administration of pension payments to members. Use our library of documents to find the information you need for your retirement, savings or investments.

National Grid, the FTSE 100 utility, will unveil a new step in its efforts to cut its huge pension obligations this week when it ends a £1.6 billion deal with Legal & General (L&G). The trustees of the pension plan were advised on financial matters by the consulting firm Aon plc (Aon), the in-house system team supporting the plan. Legal and actuarial advice was provided to the trustees by the law firm Sackers & Partners and the Willis Towers Watson insurance company. Under the terms of the agreement, L&G will assume responsibility for providing pension benefits to approximately 6,000 members of National Grid`s pension plan. Legal & General (L&G) has completed a £1.6 billion buyout of National Grid UK. Pension risk transfer applies to Section B of the scheme and includes 6,000 members. The National Grid UK Pension Scheme is a £20 billion defined benefit pension scheme with 100,000 members, closed to new members and made up mainly of former employees of the gas industry. Commenting on the transaction, Donald Simpson, trustee of National Grid UK pension plan and chair of the Finance and Investments Committee, said: “We are delighted to take another step in our risk mitigation journey. All parties have worked together to achieve this positive outcome that further protects the security of our members` benefits. Andy Agg, Chief Financial Officer of National Grid, added: “This is another step in our long-term fixed income strategy and reduces the risk of long-term retirement risks for National Grid and gas consumers.

Laura Mason, CEO of L&G Retirement Institution, said the company was “thrilled” to work with the trustees to close the deal. She continued, “We are pleased to have been able to leverage our existing asset management mandate with the program to ensure smooth operation and provide greater certainty for plan members.” The program trustees were advised by Aon and the system`s internal team, while Sackers provided legal advice and Willis Towers Watson provided actuarial support. L&G was advised on the transaction by Macfarlanes. Martin Bird, Senior Partner at Aon, said: “We are proud to continue to support the trustees and National Grid as they navigate a bustling mass annuity market.” This transaction once again underscores the importance of having a strong decision-making framework for trustees and being able to act quickly when opportunities arise. Last month, Aviva Life completed a £1.7 billion buyout of Aviva`s staff pension scheme, and PwC advised Asda and Walmart on a historic £3.8 billion buyout of the pension scheme. L&G completed a £4.6 billion partial buyout with Rolls Royce Holdings earlier this year, the largest deal of its kind in the UK. – Key decision-makers – Future plans, calls for tenders and mandates – Investment strategy – Current and past investments – Historical background – Performance indices – ESG transparency and risk exposure.