Occupational pension scheme where: all assets are pooled in a central fund; benefits are paid from those central funds; and trustees have wide powers of investment. They may be insured, i.e. held centrally in insurance policies only, or self-administered where the funds are held centrally in investments outside policies, e.g. in property, shares, loans. There must be fewer than 12 members, one of whom is a controlling director. The appointment of a pensioner trustee is mandatory for exempt approved status.