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SP Manweb
SP Manweb is the defined-benefit pension scheme attached to SP Manweb PLC, the licensed electricity distribution network operator covering Merseyside,...
SP Manweb
SP Manweb is the defined-benefit pension scheme attached to SP Manweb PLC, the licensed electricity distribution network operator covering Merseyside, Cheshire, and North Wales. The sponsoring employer is a regulated UK subsidiary of ScottishPower, which has been owned by the Spanish utility Iberdrola since 2007. As a closed corporate pension fund, the scheme's primary fiduciary duty is to meet accrued benefit obligations to a declining population of deferred members and pensioners. The scheme's investment strategy reflects the maturity of its liability profile and the regulated, asset-backed nature of its sponsor. Asset allocation is weighted toward liability-driven investment structures—predominantly UK government bonds, investment-grade credit, and inflation-linked instruments. Residual growth exposure is maintained through income-generating real assets and infrastructure mandates, often bearing thematic proximity to the electricity transmission and distribution sector the sponsor operates within. The scheme's sponsor covenant is the most significant component of its overall risk framework, and funding-level monitoring is reported through Iberdrola's consolidated financial statements. As a single-sponsor UK occupational pension scheme, SP Manweb operates under the regulatory oversight of The Pensions Regulator. Its trustee board is chaired by Keith Anderson as of March 2025, who concurrently serves as CEO of ScottishPower, creating a direct governance link between the sponsor's executive leadership and the scheme's fiduciary decisions. The scheme does not pursue external fundraising or co-investment activities and maintains no separate operating companies or philanthropic structures beyond the structured support for the ScottishPower Foundation at the sponsor level. Unlike sovereign wealth funds or multi-family offices, the scheme's structure is entirely determined by UK pensions legislation and the long-term covenant relationship with Iberdrola via ScottishPower. This places the scheme's governance trajectory squarely alongside the sponsor's regulated utility infrastructure—a structural posture that makes funding negotiations, rather than asset-class innovation, the primary determinant of member outcomes.
General information
Firm type
Pension Fund
Location
Region
Europe
Country
United Kingdom
City
Glasgow
Corporate office
Glasgow, United Kingdom
Additional offices
Prenton, United Kingdom · Wirral, United Kingdom · North Wales, United Kingdom · Oswestry, United Kingdom
Principals
Keith Anderson
Chair
Marion S. Venman
General Counsel and Secretary
Sector focus
Frequently asked questions
What is the relationship between SP Manweb and Iberdrola?
SP Manweb PLC is the sponsoring employer of the SP Manweb pension scheme and is a wholly-owned subsidiary of ScottishPower. ScottishPower, in turn, has been a subsidiary of Iberdrola, the Spanish multinational electric utility, since 2007. The scheme's ultimate sponsor covenant is therefore provided by Iberdrola through the ScottishPower corporate chain, making the parent company's credit strength a key component of the scheme's funding strategy.
Does SP Manweb actively invest in infrastructure or is its portfolio primarily fixed income?
As a mature, closed defined-benefit scheme, SP Manweb's portfolio is aligned with its liability profile. The overwhelming majority of assets are held in liability-matching instruments—long-dated gilts, inflation-linked bonds, and investment-grade credit. Any exposure to infrastructure or real assets is residual and likely held through pooled fund structures. The scheme's primary risk-mitigation tool is the sponsor covenant, not return-seeking asset allocation.
Who makes investment decisions for the SP Manweb pension scheme?
Investment decisions are made by the trustee board, which is chaired by Keith Anderson as of March 2025. Anderson also serves as the CEO of ScottishPower, the scheme's parent company. Routine investment management and advisory functions are likely delegated to professional fiduciary and investment consulting firms, a standard arrangement for UK corporate pension schemes of this size and maturity.
Is the SP Manweb scheme open to new entrants or still accruing benefits?
The SP Manweb scheme is closed to new entrants and likely closed to future accrual for the majority of its membership, consistent with the pattern of most UK utility-sector defined-benefit schemes. The primary fiduciary obligation is now the effective defeasance of the existing liability book, either through long-term hold-to-maturity strategies or future bulk-annuity transactions, known in the UK as pension risk transfer.
How is the SP Manweb pension scheme regulated?
The scheme is regulated by The Pensions Regulator (TPR), the UK statutory body responsible for workplace pension scheme governance. It must comply with UK pensions legislation, including triennial actuarial valuations, statutory funding objectives, and transparency of investment governance. The presence of an Iberdrola-level sponsor introduces a cross-border dimension to the scheme's integrated risk management, though UK law remains fully applicable.
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