The document discusses the implications of changing the inflation index used for UK pensions from RPI to CPI. It notes that legislative changes have proposed switching statutory indexation from RPI to CPI. It then examines some key differences between RPI and CPI, the impact on pension schemes and insurers, challenges in hedging inflation, and potential reactions and derisking strategies schemes may consider in response to the change. A survey of actuaries is also presented on their views regarding matching assets, moving schemes to CPI, long-term expectations for the CPI-RPI differential, and derisking options schemes may pursue.