Sharesave

The Option Price is 743p.

We take the average of the closing middle market prices, as quoted by the London Stock Exchange, for the three business days preceding the date of the invitation (17, 18 and 19 December 2024), and discount it by 20%.

Sharesave 2024/25 is open for applications from Friday 20 December 2024 to Monday 6 January 2025. You'll need to send your application by 11:59pm for telephone applications and 11:59pm for online applications (UK time).

You are eligible to join Sharesave provided you have been employed in the UK by National Grid for a continuous period of one month or more on 01 December 2024.

Please note that, if you are employed on a fixed term (temporary) contract and meet the above criteria, you are eligible to join. However, you should note that if your employment contract expires before the end of the three and/or five year savings period your opportunity to purchase National Grid plc shares will normally lapse when you leave, which means you may only receive a refund of your savings.

You can save for three years, five years or both. Take care in deciding because once the application deadline has passed (6 January 2025), both the amount you save and the savings period are fixed and cannot be changed (although you may stop contributing at any time and receive a refund of your savings).

Your savings, which are held with Lloyds Bank plc, are your own and are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. For further information about the scheme refer to the FSCS website or call the FSCS on 020 7741 4100 or 0800 678 1100.

Alternatively, go to Lloyds Bank plc for further information about the compensation scheme. A copy of the FSCS fact sheet is available on the ESP Portal.

Shares can go down in value as well as up. If the National Grid plc share price at the end of the savings period is lower than the Option Price offered, you can choose to take your savings and tax-free bonus back as cash instead of buying shares. You will have six months from the end of your savings period to decide what to do, to buy shares at the discounted share price or take your savings and tax-free bonus back.

You can apply to Sharesave 2024/25 online or by phone – you just need your employee ID number, national insurance number/payroll ID and date of birth. For more information on this see How to apply.

If you apply online, at the end of your application a confirmation email will be sent to the email address you entered when making your application.

If you apply by phone, at the end of the call you will receive an instant confirmation reference number.

Also, in January 2025 you will receive communications in relation to your Option Certificate, confirming your application.

You can still join the 2024/25 Sharesave Plan but your total contributions across all Sharesave Plans cannot exceed £500 per month.

The five year Sharesave 2019/20 and the three year Sharesave 2021/22 which mature on 1 April 2025 (assuming you have not missed any payments) will not count towards your £500 maximum limit as your savings period for these Plans will have completed before the 2024/25 Sharesave starts.

Any missed payments from the 2019/20 five year and 2021/22 three year Sharesave will count towards your £500 maximum limit. This may mean you have no or limited headroom to join the 2024/25 Sharesave.

If you want to cancel a current contract to invest your future savings into the 2024/25 Sharesave instead, you must cancel your existing contract before the 6 January 2025 and you would then receive a refund of the savings from the cancelled contract.

Online: go to the ESP Portal (please click here if logging in through a National Grid account and here if logging in from elsewhere) and click on the ‘Cancel a Sharesave Plan’ link on the right-hand side.

By phone: you can close an existing Sharesave contract over the phone by calling the EQ National Grid Employee Scheme Helpline on +44 (0)371 384 2014*. The £500 per month savings limit covers all Sharesave contracts you are contributing to. If you want to cancel a current contract to invest your future savings into the 2023/24 Sharesave instead, you must cancel your existing contract before the 6 January 2025, you would then receive a refund of the savings from the cancelled contract. You will also need to apply for the 2024/25 Sharesave Plan by the same date.

Providing you complete the contract you will receive a bonus on your savings. If you choose to save for three years, a tax-free bonus of 0.9 multiplied by your monthly contribution will be added to your savings. If you choose to save for five years, a tax-free bonus of 2.7 multiplied by your monthly contribution will be added to your savings. The example table below assumes a monthly savings amount of £150 a month:

If repayment is made during the first year, your savings will be repaid without interest. If repayment is made on or after the first anniversary of the starting date and at least 12 monthly contributions have been paid, tax-free simple interest will be payable at 1.17%.

No. The rate is fixed at invitation and returns are guaranteed. However, future invitations may be offered on different terms.

No. The rates are applicable to the 2024/25 Sharesave Plan only.

Please contact the EQ Employee Helpline on +44 (0)371 384 2014*.

Yes. You can withdraw your savings at any time if you need to. However, if you withdraw your savings before the completion of your savings contract you cannot rejoin the Sharesave Plan and will lose the option to buy National Grid plc shares at the Option Price.

No. Although you can withdraw from Sharesave at any time, once you have chosen the amount you want to save each month you will not be able to change it – so please think carefully now about how much you want to save.

You can suspend payments at any time for a maximum of 12 months (in total). Each missed payment will delay completion of your savings contract by one month.

If you stop saving altogether (or you miss more than 12 contributions over the savings period) you will lose the option to buy shares and will only be entitled to receive a full refund of your contributions, plus any interest, if applicable.

No. You cannot make a one-off payment to cover monthly contributions missed. Your maturity date will be delayed by the number of payments missed until all the monthly payments have been made to complete the savings term. Please note that at the time of the annual Sharesave invitation missed payments in maturing Plans will count towards your £500 maximum limit. This may mean you have no or limited headroom to join a future Sharesave.

At the end of your savings period you will have the choice to buy National Grid plc shares at the Option Price or receive your savings and tax-free bonus back. Before your savings contract ends, EQ, the Plan Administrator, will write to you providing further information on your choices.

You will have six months from the end of your savings period to decide what to do. If you have not made a decision by that time, you will lose the option to buy shares at the Option Price and will be entitled to receive a full refund of your savings and tax-free bonus.

Deductions are made from your net salary and therefore your savings are free from Income Tax once they are in your savings account, as is the bonus payable at the end of the term (or interest if closed before). You will not normally have to pay Income Tax or National Insurance contributions on any money you make buying the shares. You may have to pay Capital Gains Tax if you sell the shares and the money you make on all capital gains in a tax year goes over the annual tax-free limit (which is £3,000 for the 2024/25 tax year). This annual limit can change, so you should check the applicable limit applying at that time, before you sell your shares.

You can either:

• Buy shares with some or all of the money that you have already saved as at your date of leaving (plus any interest, if applicable), to which you may add up to a further six months’ savings to a maximum of 36 or 60 contributions, depending on whether you are contributing to the three or five year Plan; or
• Take your savings and any interest back and not buy National Grid plc shares

Is your date of leaving more than 3 years since your Sharesave Plan commenced?

Yes: You can either:

• Buy shares with some or all of the money that you have already saved as at your date of leaving (plus any interest, if applicable), to which you may add up to a further six months’ savings to a maximum of 36 or 60 contributions, depending on whether you are contributing to the three or five year Plan; or
• Continue saving privately until the end of the savings period to receive the tax-free bonus. Please note your option to buy shares will end six months after leaving the company; or
• Request a return of your savings and not buy National Grid plc shares

No: You will lose the option to buy shares but can either:

• Receive a full refund of your contributions and any interest if applicable; or
• Continue saving privately with EQ until the end of the savings period to receive the tax-free bonus

You can either make alternative arrangements with EQ to make the contributions directly yourself, or you can postpone your payments for up to 12 months. Each missed payment will delay completion of your savings term by one month. If you miss more than 12 payments over the savings period, you will lose the option to buy shares at the Option Price and will be entitled to receive a full refund of your contributions.

No, you have the choice to use your savings and tax-free bonus to buy shares at the end of the savings period. As you do not hold the shares during the savings period, dividends are not payable. If you choose to purchase shares at the end of the savings contract, any dividends will be paid in the normal way.

Your contributions will continue to be deducted. The contribution amount will remain the same, even though you are changing payroll frequency. Due to the change in payroll frequency, your contributions may finish sooner or later than usual, but the number of shares you can buy at the end of the Plan and the maturity date will not change.

Employees will be treated as ‘good leavers’ under the Sharesave Plan and will be issued a leaver letter from EQ outlining their next steps.