Opting out

You’ll need to consider very carefully whether opting out of the Scheme is the right thing to do, as you will not be able to re-join any National Grid UK Pension Scheme at a later date.

If you opt out, you will also miss out on the valuable benefits you are currently entitled to as a member:

  • Tax-efficient savings
  • Future pension accrual
  • Death in service benefits
  • Potential benefits should you become permanently unable to work due to ill health

In addition, under the rules of the Government’s pensions automatic enrolment policy aimed at encouraging people to save for retirement, National Grid must ensure all eligible employees are enrolled in a pension scheme.

This means that even if you opt out of the Scheme now, at a later date you will be automatically enrolled back into the Company’s DC Scheme in order to comply with automatic enrolment legislation.

If you do elect to opt out of the Scheme you’ll receive either a deferred pension or a transfer payment.