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:

•
the Combined Nuclear Pension Plan
•
the Electricity Supply Pension Scheme (ESPS)
•
the Railways Pension Scheme
•
the Water Pension Schemes
•
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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