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“Now is not the time for them to be increasing investment risk. Rather, where possible, trustees should consider reducing risk, taking market opportunities to increase hedging programmes and contemplate lower risk contractual cash flow matching investments.”

Strange, to me at least, to be suggesting short term actions. I would have thought it would have been more sensible to sit things out over the next 6/12/18 months and see where the dust settles. Fine to look at medium and long term plans, but I'd personally be wary of fiddling too much while the pandemic has made things so uncertain.