# SP Manweb

SP Manweb is a Pension Fund based in Glasgow, United Kingdom.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Glasgow, United Kingdom
- **Region:** Europe
- **Address:** Glasgow, United Kingdom
- **Assets under management:** Undisclosed
- **Website:** spenergynetworks.co.uk
- **Wikidata:** Q116031459

## Regulatory record

- **Reports private funds:** No

## About

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.

## Sectors

- Infrastructure
- Energy Transition & Renewables

## Offices

- Prenton, United Kingdom
- Wirral, United Kingdom
- North Wales, United Kingdom
- Oswestry, United Kingdom

## People

- Keith Anderson — Chair
- Marion S. Venman — General Counsel and Secretary

## 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.

### 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.

## Related profiles

- [Sowell Management](https://altss.com/profile/sowell-management)
- [SP Wealth Advisors](https://altss.com/profile/sp-wealth-advisors)

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Last updated: 2026-06-03T20:00:00.000Z

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