Member

That is why members need a choice to make their own arrangements in funds that do not lifestyle them down to the lowest common denominator but allow them to take calculated risks on their future. This is the sort of groupthink that bought us liability-driven investments. Astonishingly, if you have a scheme in default, that keeps you there—you never get out of it. It is like the television programme “The Crystal Maze”: you never get out if you are in LDIs because they target the deficit, not the assets—and you need assets to pay pensions, not deficit. They are different.