Identity area
Type of entity
Authorized form of name
Parallel form(s) of name
Standardized form(s) of name according to other rules
Other form(s) of name
Identifiers for corporate bodies
Description area
Dates of existence
History
In 1990, when privatisation of the electricity industry occurred, most staff were either in, or retired from, a "final salary" scheme called the Electricity Supply Pension Scheme (ESPS) to which they paid 6% of their working salary whilst the employing board paid an amount equal to 12%. Although membership is not now compulsory, it was a condition of employment for almost all pre-1990 ESPS members and the pension arrangement was recognised to be part of the employment package.
Strenuous efforts were made to assure staff that their rights and conditions would be protected in the new organisation. Indeed, the Government issued a Statutory Instrument (S.I. 346 1990) for this purpose. A further S.I. (No.318 1990) set out the amendments which the Government required to be made to the ESPS pension scheme. This latter S.I. paved the way for the original single ESPS scheme to be split into 24 Group schemes, each of which is closely identified with one employer.