What are you looking for today?
The Magnox Group of the ESPS has different sections. Use the tiles below to select your section and find out about your benefits.
If you're not sure which section you're in, you can find the section name on your Annual Benefit Statement (ABS), Pension Savings Statement (PSS), or your payslip (if you're already taking your benefits). Alternatively, please log in to your myESPS account and check the homepage there.
If your paperwork says SLC, please read the additional information in the boxes below to identify which tile is the correct one for you.
Final Salary sections
For members of the Atkins, Cavendish Nuclear and NNL sections.
Also for members of the SLC section who left the Scheme on or before 31 March 2024 or are a Scottish Protected Person under the Scottish Protected Persons Regulations.
Reformed SLC section
For members who were employed by NRS or Sellafield and an active member of the SLC section at 1st April 2024.
You are a member of the Reformed SLC section, which combines Final Salary and Career Average Revalued Earnings (CARE) benefits.
Knowledge Hub
For all members, this area offers general information about the Scheme, along with news updates and ways to access additional help and support.
Final Salary
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SLC Care
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What's happening in pensions?
Keep up to date with the latest pensions news, as well as the latest developments in the Scheme.
Investment volatility and your pension
16 May 2025
If you’ve seen recent headlines about investment markets dropping in value, you might be wondering what it means for your pension…
The good news is that pensions are invested with the long term in mind, and our investment approach is designed to weather short-term market changes such as this.
We understand that you may still feel uneasy about drops in the market, especially if you are close to retirement. So, here’s a summary of how investment markets affect your pension savings and some things to consider if you are concerned…
The market impact on your main Scheme benefits
The Magnox Group of the ESPS is a defined benefit (DB) pension arrangement. That means that what you get is determined by the rules of your section in the Scheme rather than by market performance.
Your pension remains unchanged as markets go up or down.
You can read more about how benefits are calculated in your Member Booklet.
The market impact on your Additional Voluntary Contributions (AVCs)
If you pay AVCs these work slightly differently and market performance plays a more significant role.
AVCs are paid on a defined contribution (DC) basis and are invested into funds with the aim of building your savings over time. You can find out more about AVCs on the pages linked below:
During these unsettling times it’s important not to panic and consider the current volatility in relation to your long-term investment goals.
A downturn in markets is never pleasant, but while stock market shocks tend to be sharp and painful, they’re usually relatively short-lived. If you’re still some way off from retirement, you still have the opportunity to recover in the years before you retire, however this is not guaranteed.
If you’re closer to retirement and intend to start taking your AVCs soon, you may want to consider your options. You can find more information about your investment funds, and the options available to you, in the AVC Guide.
You should also remember to check your investment funds regularly to make sure they’re still suitable for you. You can do this by logging in to the relevant account below:
You may want to speak to an Independent Financial Advisor before making any changes, particularly if you’re close to retirement and aren’t planning to invest for the longer term. You can find an IFA in your area at unbiased.co.uk
More information on the recent market performance
It’s been widely reported that stock markets have gone down in value in recent months. This is largely due to events in the US, as President Trump announced trade tariffs in early April which caused uncertainty among investors about how companies would perform in future. Because of this, the share price of many companies dropped in value.
Historically, markets bounce back over time, although there’s no guarantee of this happening or even how long that might take. We will continue to monitor the situation and will share further information if/when needed.
