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New Pension Scheme Administrator for National Grid Pensioners

Barnett Waddingham took over the administration of the NG Pension Scheme last year.

All NG Pensioners were notified direct by the new organisation.

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Pension increases

Pensions in payment from the Scheme are increased in line with the percentage increase in the Retail Prices Index (RPI) for the 12 months up to the previous September. This year (2024), the headline rate of RPI increase is 8.9%. The Trustees will therefore look to increase pensions in line with this rate with effect from 8th April 2024. If you are a man under age 65, or a woman under age 60 at the increase date, your whole pension will be increased by this amount. Otherwise, your pension is likely to include what’s known as a Guaranteed Minimum Pension (GMP). Different increases apply to the GMP part of your pension; and depending on when you reached or will reach State Pension Age, some increases to your Scheme pension may be paid by the State.

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