# National Grid UK Pension Scheme

National Grid UK Pension Scheme is a Pension Fund based in London, United Kingdom.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** London, United Kingdom
- **Region:** Europe
- **Address:** London, United Kingdom
- **Founded:** 2007
- **Assets under management:** Undisclosed
- **Website:** ngukps.co.uk
- **LinkedIn:** linkedin.com/company/national-grid-uk-limited

## Regulatory record

- **Reports private funds:** No

## About

The National Grid UK Pension Scheme (NGUKPS) operates as the funded defined-benefit plan for employees of the FTSE 100 transmission and distribution utility. As a multi-employer scheme, it pools assets across National Grid's operating entities, creating a single investment vehicle with a liability profile shaped by a unionized, long-tenured UK workforce. The scheme's trustee board, chaired by professional trustee Chris Martin of Independent Governance Group, oversees strategy, with day-to-day management historically led by a CEO — a role Chris Hogg vacated in 2024. NGUKPS deploys a strategy anchored in liability-driven investment principles. The portfolio combines substantial UK real estate exposure with a broader growth and income allocation. Direct property holdings, a distinguishing feature for a UK corporate pension scheme, include the Griffiths Way Retail Park in St Albans, the Callaghan Square office complex in Cardiff, and a UK Industrial Estates portfolio spanning multiple regions. These direct positions sit alongside allocations to equities, fixed income, and alternatives, managed through a mix of internal oversight and external fund commitments. The scheme's integrated risk management function — historically led by Per Nilsson Eklof until his 2024 transfer to consultant LCP alongside COO Rhonda Moon — monitors the gap between assets and projected benefit outflows. The governance model shifted materially in 2024. The trustee board, anchored by Martin, retains ultimate fiduciary responsibility. NGUKPS is a signatory to the UN-backed Principles for Responsible Investment and a member of both the Institutional Investors Group on Climate Change and the Paris Aligned Investment Initiative, reflecting its parent sponsor's regulated utility exposure to net-zero transition policy. The scheme's structural differentiator is its direct UK real estate portfolio — relatively unusual for a corporate defined-benefit plan, which more commonly gains property exposure through pooled funds or REITs. This direct ownership gives the trustee board tangible, inflation-linked assets that align with its long-dated sterling liabilities, a configuration shaped by decades of accruing obligations within a regulated monopoly employer.

## Sectors

- Real Estate
- Infrastructure
- Energy Transition & Renewables

## People

- Chris Martin — Chair of the Trustee Board
- Chris Hogg — Former Chief Executive Officer

## Questions

### Who runs investment decisions at the National Grid UK Pension Scheme?

The Trustee Board, chaired by Chris Martin (a professional trustee at Independent Governance Group), holds ultimate fiduciary authority over investment decisions. The scheme historically employed a CEO and an in-house integrated risk management team; however, both the CEO and the head of integrated risk management departed to consultancy LCP in 2024. It is unclear from the public record whether the scheme has appointed permanent replacements or transitioned to a delegated model.

### How is the scheme's real estate exposure structured?

Unusually for a UK corporate defined-benefit scheme, NGUKPS holds direct commercial property positions rather than relying solely on pooled funds. Confirmed UK holdings include Griffiths Way Retail Park in St Albans, Callaghan Square in Cardiff, and a diversified UK Industrial Estates portfolio. This direct ownership structure gives the trustee board operational control over inflation-linked, income-generating assets that align with the scheme's long-dated sterling liabilities.

## Related profiles

- [National Grid Pension Plan](https://altss.com/profile/national-grid-pension-plan)
- [National Grid UK Pension Scheme](https://altss.com/profile/national-grid-uk-pension-scheme)

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Last updated: 2026-08-11T02:43:31.692Z

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