National Grid UK Pension Scheme outsources executive services to LCP

Effective 1 September 2024, the National Grid UK Pension Scheme (“NGUKPS”) Trustee has outsourced its provision of executive, governance and risk management services to LCP. This transition will see the services previously provided by the NGUKPS Trustee Executive Limited (“TEL”) now delivered by a team from LCP led by LCP Partners Jonathan Camfield and Rachika Cooray. TEL employees will transfer to LCP under TUPE, and form part of the expert team, ensuring a seamless continuation of service.

LCP’s Pension Management Consulting department, which provides market-leading executive, secretariat and governance services, will lead the delivery of services. This appointment reflects LCP’s extensive experience in all areas of scheme management and its position as a leading provider of executive services.

Key features of this new appointment will be:

• Continuity of service for the Trustee, ensuring that the extensive experience, knowledge and expertise of the current TEL employees continues to be readily available to the Trustee
• Ready access to a wide range of pensions expertise within LCP to support the Trustee as required
• Flexibility and robustness to the service as the needs of the Scheme and Trustee continue to evolve in the future

NGUKPS Chair, Chris Martin, commented: “LCP have impressed us with their commitment to the Trustee and to our employees and we are delighted to have chosen them as our partner to support us in this next phase of the Scheme’s journey. We’re very grateful to our in-house team for the excellent support they have provided to the Trustee over the years.”

LCP Partner, Jonathan Camfield, commented: “We are delighted to be welcoming the team from the NGUKPS Trustee Executive to LCP. This is a forward-thinking and innovative development from the Trustee to ensure their executive and governance services are future-proofed and that the talent of their team can be protected and developed.”

NGUKPS Trustee Executive Limited COO, Rhonda Moon, added: "Partnering with LCP, a market leader, is a logical and strategic decision for the NGUKPS trustee. This transition not only provides future flexibility in meeting trustee requirements but also opens new career opportunities for the TEL team. I would like to thank everyone involved in making this transition a success and extend my sincere appreciation to both current and former TEL employees for their exceptional service to the NGUKPS trustee over the years.”

NGUKPS Trustee Executive Limited Head of IRM, Per Nilsson Eklof, said: “Having worked for the Trustee for 10+ years, from the days of the in-house asset manager through sectionalisation of the Scheme and multiple buy-in transactions, I am excited for the team and myself to be joining LCP and embark on this next step of the journey. LCP have wide ranging experience advising the largest of the UK’s pension schemes on all aspects of risk management and combining this with the team’s scheme specific knowledge can only strengthen the Scheme’s governance and ability to deliver the Trustee’s objectives.”