As a member of the Magnox Group of the Electricity Supply Pension Scheme (‘the Scheme’) you’ve already made a great start towards a better retirement.
The Scheme closed to new members in 2007 and has 4 different sections:
All of the sections aim to help you build up an income for when you retire and provide financial protection for your dependants.
The sections are ‘defined benefit’ arrangements – this means you do not have to make any decisions about how your contributions are invested and the Company bears the risks that investments do not perform as well as expected.
Each year, you will receive a Benefit Statement if you are currently paying into the Scheme (‘active’ members), or have left the Scheme but not yet taken your benefits (‘deferred’ members). This will help you keep track of how your pension is building up.
You can learn more about the benefits of being in the Scheme in your member booklet or check out the sections below for information about your membership type.
Register for your online account today to manage your pension effectively. If you're an active or deferred member, you can:
If you're retired, you can: