ABOUT THE ESPS
The Electricity Supply Pension Scheme (ESPS) is a defined benefit pension scheme. It came into operation on 1 April 1983 when the Electricity Council amalgamated the two previous industry schemes.
These were the Electricity Supply (Staff) Superannuation Scheme and the Electricity Supply (Industrial Staff) Superannuation Scheme, which were established in 1947 and 1948 respectively.
The ESPS is now one of the largest private sector pension schemes in the UK, with more than 200,000 members.
Following the privatisation of the Electricity Supply Industry, ESPS was restructured, with effect from 31 March 1990, as an industry-wide scheme for non-associated employers (i.e. employers who are not associated with each other).
The restructure involved dividing the Scheme into a number of Groups, one of which is the National Grid Electricity Group or 'NGE Group' as it is known. The assets of the Scheme were divided between and transferred to these Groups which are actuarially independent of each other.
The ESPS Annual Report & Financial Statements are produced as at 31 March each year and made available online in the autumn. (click here).