Sackers advises the National Grid UK Pension Scheme on £900m buy-in

The National Grid UK Pension Scheme has completed a £900m buy-in with Rothesay, with Sackers providing legal advice to the Trustees.

The transaction, which completed in July 2025, takes the total value of the Scheme’s de-risked liabilities to £4.5bn following a previous £800m buy-in (2020) and a £2.8bn buy-in (2019).

This buy-in insures a further £900m of liabilities for the Scheme, securing the benefits of 7,130 pensioners and their dependants.

Aon acted as the lead risk transfer adviser, Rothesay received legal advice from CMS, and LCP provided actuarial and investment advice as well as executive and governance support to the Trustee.

Chris Martin, professional trustee at IGG and Chair of Trustees, said: “This latest buy-in reflects the shared strategic direction of the Trustees and Company to continue the Scheme’s derisking journey and further enhance the security of members. It would not have been possible without the hard work and expertise of the Sackers team who, as long standing advisers to the Trustees, were able to draw on their knowledge and experience to ensure the smooth and efficient execution of the transaction meeting the objectives of all stakeholders.”

Partner, Ralph McClelland commented: “We have advised the Trustee at each step of this de-risking journey with Rothesay, and are confident this most recent transaction delivers on the Trustee’s long-term goal of securing a safe and resilient outcome for the Scheme’s membership. It has been a pleasure working with the Trustee, Rothesay, the Company and the capable team of advisers in what has been a collaborative and highly professional transaction.”

The Sackers team comprised partners David Saunders, Ralph McClelland and Faith Dickson and associate directors Emily Whitelock and Liam Goulding.