CONTRIBUTING MEMBERS

In March 2026, the Chair of the Group Trustee wrote to those active and deferred members who are affected by Guaranteed Minimum Pension (GMP) equalisation about some proposed changes. The changes are linked to the GMP part of your pension, and an ongoing project called ‘GMP equalisation’, which all pension schemes like the Group have to carry out.

From early March to 30 April 2026, the Group Trustee ran a consultation with affected contributing and deferred members about the proposed changes. Thank you to everyone who provided comments during the consultation. Having carefully considered all feedback received, the Group Trustee has decided to proceed with the proposal.

What happens next?
We’ll carry out the appropriate benefit calculations and write to you in early 2027 with details of any change to your Group pension after GMP equalisation has been addressed.

In all cases, the proposed changes will not affect the way you build up benefits in the Group or the contributions you pay. It won’t reduce your expected pension at your normal pension age, nor will it impact your death benefits. Some members’ pensions may increase slightly. Making this change to address the GMP inequality also gives us the opportunity to simplify the pension you will receive from the Group.

On this page, you’ll find key dates as well as information about what’s happening.

Context information:

• Read an overview of what’s happening.
• This Q&A is relevant for most active and deferred members
• This Q&A is relevant for active and deferred members who were formerly members of the National Grid UK Pension Scheme (the 'Gas Scheme')

Please refer to the letter you were sent in March for the key dates to be aware of. This is the current timeline and may be subject to change.

Early March 2026:

• Letters sent to affected members explaining the proposal.
• Consultation on GMP proposal starts.

30 April 2026:

• Consultation ends.

Mid-May 2026:

• The outcome of the consultation is published on the Group website.

Early 2027:

• We will send you a benefit statement. This will show any change to your Group pension after addressing the historical GMP inequality.

Mid-2027:

• Your new pension takes effect, if you retire after this date.
• If you retire before the changes take effect, we’ll still need to address the historical GMP historical inequality and simplify your pension in line with our proposal, but this will happen at a later date.
• Note: If you receive a retirement quotation from Broadstone before the changes take effect, it will not reflect the proposed changes set out in this letter.

Consultation outcome
The consultation closed at the end of April and the Group Trustee has decided to move forward with GMP conversion. All GMPs in the Group will be converted into a different form of pension, which will enable us to simplify the Group’s benefit structure.

We will send you a benefit statement in early 2027 that will show any change to your Group pension after addressing the historical GMP inequality.

In all cases, the proposed changes will not affect the way you build up benefits in the Group or the contributions you pay. It won’t reduce your expected pension at your normal pension age, nor will it impact your death benefits. Some members’ pensions may increase slightly.

If you have any questions, the Q&A sent to you in March 2026 and the online GMP Q&A are designed to cover common questions affected Group members may have on GMP conversion and GMP equalisation.

• This Q&A is relevant for most active and deferred Group members
• This Q&A is relevant for active and deferred members who were formerly a member of the National Grid UK Pension Scheme (the Gas Scheme).

You may want to contact us if you have specific Lifetime Allowance or pension tax issues, as mentioned in the letter sent to you in March 2026 and in question 11 in the accompanying Q&A and the online GMP Q&A.

Email: ngeg@broadstone.co.uk

Post: 02476 472540

Telephone: Broadstone, Rye Hill Office Park, Birmingham Rd, Coventry, CV5 9AB.

General queries
If you have a general query about the Group or your benefits, please get in touch with Broadstone in the usual way using the details above. Please also see the supporting information on the ‘Useful contacts’ page.