In the long run we are all dead.
Again, when we're looking at investment structures and investment analysis, we're talking about performance bonuses. So there's even something in there for people to try to outperform the market. We're talking about pensions. There's no reason or need to outperform anything. The only reason they exist is not to save money necessarily for a taxpayer. The reason they exist is for one reason only. The performance bonus should be, “Guess what, folks? We're in a recession, tough times, but don't worry. Your pension is still there.” That's a performance bonus. It's not talking about layered investments, about how we plan. The only reason it exists is to pay that money out.
As I say, in the long run we're all dead, but whatever we did in the past, this one recession is going to wipe it all out really quickly. Why? Because investments were made through conventional wisdom in all the right places, but in the long run it's the pensioners who are going to be hurt. The people who run at this board, the people who look after it, the people who pay into it are all going to be fine. If they fail, the workers are in trouble.