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National Grid UK Pension Scheme

PRI reporting framework 2020

You are in Organisational Overview » Basic information

Basic information

OO 01. Signatory category and services

01.1. Select the type that best describes your organisation or the services you provide.

01.3. Additional information. [Optional]

The National Grid UK Pension Scheme is a defined benefit (DB) pension scheme, responsible for around £20 billion of assets under management. The Scheme's history mirrors the changes to the UK's gas industry - from the early days of the regional Gas Boards, via British Gas plc, to the current privatised and diverse business. It is one of the largest UK private sector pension schemes with around 98,000 members, mostly from the organisation's gas transmission and distribution businesses. It closed to new members in 2002.

The Scheme is managed by 12 Trustees - six Company Appointed Trustees (appointed by the sponsoring employers of each of the three sections); and six Member Elected Trustees, two from each of the Scheme's three sections (elected from, and by, the members). All Trustees carry the same powers and responsibilities. Each Section operates independently of each other in regards to funding, investment and membership.


OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

United Kingdom

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

35 FTE

02.4. Additional information. [Optional]

The trustees of the National Grid UK Pension Scheme are supported by two executive teams.  The Scheme governance and admin teams are housed in a department within National Grid whilst the assets and investments are overseen by a specialist team within NGUKPS Trustee Executive Ltd (TEL).  The Executive support the Trustee Board and its subcommittees in a range of investment and non-investment related issues.


OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]


OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2019

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.5. Additional information. [Optional]

In January 2017, as a consequence of the National Grid sale of a majority stake in the Gas Distribution business to Cadent Gas Limited, the Scheme was sectionalised into three legally separate and independent sections. Members of the Scheme are split across the three sections, which are funded as follows:

Section A - is sponsored by the National Grid commercial businesses which are not regulated by Ofgem.

Section B - is sponsored by National Grid's Gas Transmission business and is regulated by Ofgem.

Section C - is sponsored by Cadent Gas Ltd (formerly National Grid Gas Distribution), also regulated

The sections are all ring-fenced from each other, meaning there is  complete separation of the assets and liabilities of each section. Each section also has its own assets, financial support and security arrangements, with no recourse between sections. The Trustee Board is responsible for the whole Scheme - in making sure it is secure, correctly administered, well-managed and funded, so that it is able to pay all its members' benefits in full and on time. The Trustee follows the principles of Integrated Risk Management with good oversight and monitoring of Funding, investment and Covenant.  There is a strong governance of investment risk and operational risk through an effective risk framework, and a robust investment strategy.


OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity 0 0 <10% 6.11
Fixed income 0 0 >50% 59.6
Private equity 0 0 <10% 3.22
Property 0 0 <10% 4.08
Infrastructure 0 0 <10% 0.45
Commodities 0 0 0 0
Hedge funds 0 0 0 0
Fund of hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash 0 0 <10% 1.42
Money market instruments 0 0 0 0
Other (1), specify 0 0 10-50% 22.62
Other (2), specify 0 0 <10% 2.5

`Other (1)` specified

          
        

`Other (2)` specified

          
        

06.2. Publish asset class mix as per attached image [Optional].

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

06.5. Indicate whether your organisation uses fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]


OO 07. Fixed income AUM breakdown

07.1. Provide to the nearest 5% the percentage breakdown of your Fixed Income AUM at the end of your reporting year, using the following categories.

Externally managed
45 SSA
5 Corporate (financial)
50 Corporate (non-financial)
0 Securitised
Total 100%

OO 08. Segregated mandates or pooled funds (Private)


OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

95 Developed Markets
5 Emerging Markets
0 Frontier Markets
0 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]


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