The Universities Superannuation Scheme is the UK's largest funded defined benefit pension scheme.

With a significant funding deficit to be addressed it's been surrounded by controversy in recent years. Industrial action by USS members in the face of proposed change by the sponsoring employer is affecting the education of thousands of students.

This week on the podcat, Tom explores the issues at hand with independent pensions consultant John Ralfe. And John doesn't pull his punches on how things got to where they are now, where they might be going and the lessons to learn.

John discusses what has gone wrong with the scheme, the role of The Pensions Regulator and his belief that the closure of the DB scheme to future accruals is only a matter of time.

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