The following Pensions guidance note Produced in partnership with Gary Delderfield of Eversheds Sutherland (International) LLP provides comprehensive and up to date legal information covering:
The Electricity Supply Pension Scheme (‘ESPS’) is a trust-based scheme established by the Electricity Council by a resolution dated 20 January 1983 as an industry-wide pension scheme for employees in the nationalised electricity industry. It remained a single scheme on privatisation on 31 March 1990 but was then divided into various sections or ‘Groups’.
For more information on the statutory protections for ESPS members following privatisation, see Practice Note: The Electricity Supply Pension Scheme—Protected Persons.
Each principal electricity company participating in the ESPS forms its own Group. There are currently 23 Groups. Some Groups have only one participating employer, other Groups have multiple participating employers.
Each Group is actuarially independent and the assets and liabilities of each Group are assessed separately.
Each Group also has different benefits for its members. The ESPS rules are structured as a core set of clauses and rules governing the ESPS-wide position, and appended to it are specific rules for each Group in the form of Schedules.
This Practice Note covers the main benefits and provisions of the ESPS at a scheme-wide level. The particular Group schedule will need to be considered to establish the benefits provided by each Group. Most Groups have improved benefits substantially since privatisation in 1990.
Principal Employer—there is no ESPS-wide Principal Employer, as each Principal Employer has that role in relation
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.