For Retiready Solutions 2 to 5, 'too risky' means too much volatility.

Volatility is a measure of how much an investment goes up and down and it helps investors understand the speed and extent of changes in fund prices so they can compare one to another.

Each Retiready Solution from 2 to 5 aims to ensure that it avoids getting 'too risky' for investors in each risk level in two ways:

• by investing in an appropriate mix of investments to match each risk level and
• by systematically managing risk as an added safeguard. This means it will de-risk (move into safer investments) when volatility goes above a certain level, which is different for each solution

This risk management process doesn't apply to the Retiready Stability fund. More information about how the Retiready Stability fund manages risk can be found here.

Please remember that the value of an investment can fall as well as rise and isn't guaranteed. The value of your pension pot when you come to take benefits may be less than has been paid.