Member

The key is that the funding and investment regulatory framework now gives trustees freedom to consider the correct endgame for their scheme while targeting a high standard of security for members. The fact is that the risks and opportunities to schemes vary according to a range of things, including how mature a scheme is and the strength of its sponsor covenant, which is crucial. The funding code requires trustees to record their funding and investment strategy, detailing their plans for delivering benefits over the long term. I can talk more about that in later groups, because we will come on to that.