Pension fund

THE Electricity Supply Pension Scheme (ESPS) has completed the restructuring of its pounds 19bn pension fund.

Foreign & Colonial will be responsible for the largest segment of the industry-wide electricity fund, but ESPS has also appointed 11 new fund managers, including Fidelity, JP Morgan, Legal & General, Barclays Global Investors and Gartmore Investment Management, to run active and passive funds. Before the reconstruction, which began in April, ESPS funds were managed by F&C through a single unitised fund in which all electricity companies participated.