Feature: (a) pooling of all assets in a central fund, (b) payment of benefits from the central funds, and (c) trustees having wide powers of investment. The scheme may be insured so the funds are held centrally in insurance policies only. Alternatively, the fund is self-administered as in the case of small self-administered schemes where the funds are held centrally in investments such as commercial property, shares and cash deposits. Large schemes, i.e. those with 12 or more members, can also be self-administered.