The House of Lords found in favour of National Grid and confirmed that its use of surplus was entirely lawful and proper. International Power (formerly National Power) was also successful in a parallel case.

National Grid welcomed this decision. Group Chief Executive Roger Urwin said: “We have always taken into account the interests of employees, pensioners and the company whenever dealing with surplus. It is important to us that the House of Lords has now confirmed that we have at all times acted in accordance with both the letter and the spirit of the rules of our pension fund. Our employees and pensioners receive excellent benefits from the fund.”