Ex-Thames Water owner accused of ‘money-grabbing’ cuts to Cadent pension scheme

Exclusive: Cadent Gas, owned by Australia asset manager Macquarie, is considering closing its defined benefit scheme

The former owner of crisis-hit Thames Water has been accused by union leaders of staging a cost-cutting money grab" at another critical UK infrastructure asset under its control, as it emerged that Cadent Gas is considering cuts to its pension scheme.

Macquarie, the Australian banking powerhouse that owned Thames for a decade, has led a consortium controlling Cadent since 2016. Cadent, Britain's biggest gas network, serving 11 million people, was formerly part of National Grid.