The executive and governance team at the £11.8bn National Grid UK Pension Scheme has transferred to consultancy group LCP.
The transfer took effect on 1 September, and involves the scheme’s executive staff becoming employees of LCP. The team is now led by LCP partners Jonathan Camfield and Rachika Cooray.
Responsibilities transferred include executive functions, governance duties and risk management work. Scheme oversight remains with the National Grid UK Pension Scheme’s trustee board.
Chris Hogg, chief executive of the National Grid scheme, announced his intention to step down from the role earlier this year. Other staff members are now LCP employees, including chief operating officer Rhonda Moon and head of integrated risk management Per Nilsson Eklof.
Chris Martin, an independent trustee at Independent Governance Group and chair of the National Grid scheme, said: “LCP have impressed us with their commitment to the trustee [board] 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 trustees over the years.”
National Grid previously outsourced its investment management to Russell Investments in 2021, with the in-house team transferring to the asset manager.
Nilsson Eklof said: “Having worked for the trustee for 10-plus 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 has 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.”
Further reading
National Grid scheme completes £800m buy-in (9 December 2020)
National Grid completes £1.6bn buy-in with Legal & General (26 November 2019)
National Grid goes ahead with new scheme sections (28 November 2016)
