Regulated industries

There is a diverse range of pension arrangements which tend to operate on an industry-wide basis. The schemes generally operate as trust-based funded occupational pension schemes and are not statutory public service schemes like those that operate in the central and local government sectors. Such schemes include:

  1. the Combined Nuclear Pension Plan

  2. the Electricity Supply Pension Scheme (ESPS)

  3. the Railways Pension Scheme

  4. the Water Pension Schemes

  5. the Universities Superannuation Scheme (USS)

The schemes tend to be administered on a centralised basis with an independent trustee. Some schemes like the Railways Pension Scheme and the ESPS are split into segregated employer sections, whereas other schemes like the USS operate on a ‘last man standing’ pooled basis. It is therefore difficult to draw any common similarities about the way in which these schemes are structured as they have their own, often unique, features.

The Universities Superannuation Scheme

The

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Minister for Pensions hosts roundtable on ‘Pound for Pound’ initiative in shift from cost to Value for Money

The Minister for Pensions, Torsten Bell MP, has hosted a roundtable with regulators and leading pension providers to support a joined-up approach to Value for Money (VFM) in pensions. The event marked the first public discussion of the ‘Pound for Pound’ (‘£4£’) initiative, aimed at shifting the UK market from cost-based comparisons to broader value-based metrics, shifting market conversations away from cost towards value. This shift is essential for the success of the government’s proposed approach set out in the Pension Schemes Bill 2025. Insights from Australia’s superannuation system were central to the session, highlighting how clear benchmarking, transparency and regulatory oversight have transformed both member outcomes and the understanding of value in Australia. Intended to inform the impending regulatory consultation on VFM metrics, the superannuation system formed a key reference point as the discussion explored how lessons from Australia and insights from providers could shape regulatory thinking and support the development of the Pension Schemes Bill. Roundtable participants including the Department for Work and Pension, the Financial Conduct Authority, Pensions UK and a number of the Mansion House Accord signatories, agreed that now is the time for government, regulators and industry to collaborate in shaping and embedding a robust, fit-for-purpose VFM regime.

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