The Electricity Supply Pension Scheme (ESPS) recently published its Annual Report and Financial Statements for the year ended 31 March 2025. A notable change during the fiscal year was the transfer of investment decision-making power for the Unitised Fund from the central Scheme Trustee (EPTL) to individual Groups within the Scheme.
Unitised Fund Investment Decision-Making Decentralized
Up until 1 March 2025, EPTL was responsible for the investment management of the Unitised Fund, including the selection, appointment, and monitoring of fund managers. However, a project completed on 1 March 2025 resulted in certain Groups gaining investment decision power over the assets previously managed by EPTL under the Unitised Fund. Consequently, as of 1 March 2025, there are no assets in the Unitised Fund over which EPTL exercises investment decision-making power. (Page 7)
Scheme-Wide Asset Allocation Changes
The Scheme’s net assets decreased from £31,918 million in fiscal year 2024 to £29,030 million in fiscal year 2025. The market value of the ESPS Unitised Fund decreased from £254 million in 2024 to £0 million in 2025. Conversely, Insurance Policies increased significantly from £816 million in 2024 to £2,257 million in 2025. Pooled investment vehicles also saw a decrease from £25,493 million in 2024 to £22,314 million in 2025. (Page 10)
New Insurance Policy Purchases by Groups
Subsequent to the fiscal year-end, two Groups, EA Technology Group and EPSL Group, purchased insurance policies with JUST Retirement Limited to insure the remaining benefits of their members. (Page 59)
Bulk Transfer of Assets from National Grid Electricity Group
Following the end of the Scheme Year, on 1 July 2025, a bulk transfer of 125 members’ past service benefits accrued with The National Grid Electricity (NGE) Group took place. This involved the transfer of £78 million of assets from NGE Group to the NESO Section of the Pensions Master Plan. (Page 59)
Increased Investment Commitments
As of 31 March 2025, eight Groups have future investment commitments totaling £1,059 million, an increase from £744 million across eight Groups in 2024. (Page 58)
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