The document discusses the UK Pensions Regulator's new approach to regulating defined benefit pension schemes, which focuses on balancing risk, return, and employer contributions. The new system will take a more principles-based approach tailored to each scheme's circumstances rather than using fixed triggers. Trustees will need to understand employers' business plans and assess covenant strength. A "balanced funding outcome" will express the contribution level expected for each employer risk segment. The Regulator will monitor schemes' funding levels against these outcomes and other risk indicators to determine if intervention is needed. The presentation explores how trustees can work with employers to develop optimal funding strategies using contributions, investment returns, and liability hedging as leveraged over different timeframes.