The National Grid UK Pension Scheme (NGUKPS) Trustee has outsourced its provision of executive, governance and risk management services to LCP.
This means the services previously provided by the NGUKPS Trustee Executive Limited (TEL) will now be delivered by a team from LCP led by partners Jonathan Camfield and Rachika Cooray.
TEL employees will transfer to LCP under Transfer of Undertakings Protection of Employment (TUPE) rights, and form part of the expert team, ensuring a seamless continuation of service. LCP’s pension management consulting department will lead the delivery of services.
LCP said the key features of this 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; as well as ready access to a wide range of pensions expertise within LCP to support the Trustee as required.
It will also deliver flexibility and robustness to the service as the needs of the scheme and Trustee continue to evolve in the future.
At the beginning of 2022 the scheme appointed Russell Investments to an outsourced investment mandate, joining several other pension schemes in the same move following the COVID-19 pandemic.
Russell Investments’s mandate included providing the scheme with portfolio management capabilities, strategic advice and in-depth risk monitoring and reporting, including delivering on the scheme’s ESG obligations and preferences.
The LCP’s appointment comes after the scheme’s chief executive officer Chris Hogg announced he was stepping down this summer. At the time, the scheme did not confirm if it had started searching for a replacement.
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