So what would a scheme need to do to kind of be ready from an income perspective?

I think, yeah, so Chris has mentioned, you've both mentioned the Think, Act, Invest framework, which I'm sure listeners can pick up on the other podcast.

But one of the key principles underpinning all of that is you need to start first with what are we looking to achieve? because you can only build something that's really resilient and manages the risks if you first know what it is you want to do and then only then can you quantify what risk is because risk in its most simplest term we've got all these tracking errors evaluate risk all these measures they're useful but the true measure of risk is i can't do what i wanted to do and what i set out to do so we want to start by asking that fundamental question of what we're here to do What then does the risk look like in that context? Then we can start thinking through some of those things.

And I think when I look across, I'm talking from the strategic perspective, I'm sure Crystal will touch on some sort of more portfolio aspects.

But when we think from a DB client perspective, we want to build resilience.

The natural tendency is to think, well, that's a stability point.

I'll reduce investment risk so I can make it more stable.

But also I'd be interested to hear how that framework can support trustees and how they're thinking about strategy specifically.