Decide how your money is invested

We can make all the investment decisions, or you can be hands on – it’s up to you

Your pension savings need careful management

We’ll invest your first contributions for you. That will get your account up and running. To do that, we'll use what's called an investment strategy, putting your money into a specific range of funds. You can tell us to move your pension saving to other funds at any time, directly from your account.

If you'd rather not be too hands on with investing, we can take the decisions for you on an ongoing basis. You can stay invested in one of our pre-determined investment strategies and we'll make the investment decisions for you.

Or, if you feel comfortable making decisions like this yourself, then you can get more involved. There are 17 fund options to choose from. These include funds that will keep your money:

  • invested in equities (shares in companies)
  • invested in bonds and gilts (loans to companies or governments)
  • invested in cash
  • invested in specific locations (such as UK/US only, emerging markets)
  • invested with lower levels of risk, as you approach retirement

You can read more about managing pension savings and choosing investment funds in our help centre.

Your pension savings need careful management

We’ll invest your first contributions for you. That will get your account up and running. To do that, we'll use what's called an investment strategy, putting your money into a specific range of funds. You can tell us to move your pension saving to other funds at any time, directly from your account.

If you'd rather not be too hands on with investing, we can take the decisions for you on an ongoing basis. You can stay invested in one of our pre-determined investment strategies and we'll make the investment decisions for you.

Or, if you feel comfortable making decisions like this yourself, then you can get more involved. There are 17 fund options to choose from. These include funds that will keep your money:

  • invested in equities (shares in companies)
  • invested in bonds and gilts (loans to companies or governments)
  • invested in cash
  • invested in specific locations (such as UK/US only, emerging markets)
  • invested with lower levels of risk, as you approach retirement

You can read more about managing pension savings and choosing investment funds in our help centre.

What are investment strategies?

By default, when we open your Smart Pension account, we’ll use a pre-determined investment strategy to put your initial contributions into a mix of funds that aren't exposed to high levels of risk.

Our lifestyle strategies are a mix of investments that take two things into consideration: how much risk you're likely to be comfortable with, and how you plan to take your money from your account when you retire.

Unless you tell us that you want to be more hands on with your savings, and manage the investments yourself, we assume that you don't currently have a higher appetite for risk. In that case, we'll invest your funds by following an appropriate lifestyle strategy.

We'll then carry on making investment decisions, moving your money to a mix of even lower risk funds as you approach retirement age. We rely on the fund managers at JP Morgan and Legal and General Investment Management to take good care of your pension savings and manage that money for you while it's in your Smart Pension account. HSBC Global Asset Management manage our Sharia fund.

What are investment strategies?

By default, when we open your Smart Pension account, we’ll use a pre-determined investment strategy to put your initial contributions into a mix of funds that aren't exposed to high levels of risk.

Our lifestyle strategies are a mix of investments that take two things into consideration: how much risk you're likely to be comfortable with, and how you plan to take your money from your account when you retire.

Unless you tell us that you want to be more hands on with your savings, and manage the investments yourself, we assume that you don't currently have a higher appetite for risk. In that case, we'll invest your funds by following an appropriate lifestyle strategy.

We'll then carry on making investment decisions, moving your money to a mix of even lower risk funds as you approach retirement age. We rely on the fund managers at JP Morgan and Legal and General Investment Management to take good care of your pension savings and manage that money for you while it's in your Smart Pension account. HSBC Global Asset Management manage our Sharia fund.

What are the advantages and disadvantages of using an investment strategy?

There are advantages and disadvantages of using an investment strategy. You should take these into account when deciding how to invest.

Advantages

  • You don’t have to choose which funds to invest in – the funds are chosen for you, and your money is managed by experts.
  • Your money is invested in a range of different funds for diversification.
  • Your money is moved into lower risk investments for you as you approach your selected retirement age.
  • Your savings are handled strategically. For example, we won’t move them all in one go because, if the markets are performing badly at the time, this will affect their value.

Disadvantages

  • You’re not choosing where you invest. One of our other investment funds might be more suitable for your goals.
  • You can’t express your own particular risk preferences at any time, as funds with specific risk levels are chosen on your behalf.
  • You also can’t choose when to move or change your investments – movement is automatic and doesn’t take market conditions into account. Even though not all your savings are moving at once, you could still miss out on specific opportunities in the market.
  • The final investment choice isn’t suitable if you decide not to retire at your selected retirement age, because it’s not designed for high levels of growth past this date. If you decide to change your retirement age, you should tell us by updating it in your account.

What are the advantages and disadvantages of using an investment strategy?

There are advantages and disadvantages of using an investment strategy. You should take these into account when deciding how to invest.

Advantages

  • You don’t have to choose which funds to invest in – the funds are chosen for you, and your money is managed by experts.
  • Your money is invested in a range of different funds for diversification.
  • Your money is moved into lower risk investments for you as you approach your selected retirement age.
  • Your savings are handled strategically. For example, we won’t move them all in one go because, if the markets are performing badly at the time, this will affect their value.

Disadvantages

  • You’re not choosing where you invest. One of our other investment funds might be more suitable for your goals.
  • You can’t express your own particular risk preferences at any time, as funds with specific risk levels are chosen on your behalf.
  • You also can’t choose when to move or change your investments – movement is automatic and doesn’t take market conditions into account. Even though not all your savings are moving at once, you could still miss out on specific opportunities in the market.
  • The final investment choice isn’t suitable if you decide not to retire at your selected retirement age, because it’s not designed for high levels of growth past this date. If you decide to change your retirement age, you should tell us by updating it in your account.

Which funds should you invest in?

If you're unsure about making investments, or you'd like more personalised information about your pension options, it's best to get advice.

An Independent Financial Adviser (IFA) can guide you on what’s most appropriate for your retirement plans. If you don't have an IFA now, you may want one in the future. We recommend using unbiased.co.uk to find a qualified, independent and regulated financial adviser.

The funds you choose will depend on your ‘appetite for risk’. We encourage everyone who has a Smart Pension account to learn about investment risks and to review their individual appetite for risk on a regular basis.

Which funds should you invest in?

If you're unsure about making investments, or you'd like more personalised information about your pension options, it's best to get advice.

An Independent Financial Adviser (IFA) can guide you on what’s most appropriate for your retirement plans. If you don't have an IFA now, you may want one in the future. We recommend using unbiased.co.uk to find a qualified, independent and regulated financial adviser.

The funds you choose will depend on your ‘appetite for risk’. We encourage everyone who has a Smart Pension account to learn about investment risks and to review their individual appetite for risk on a regular basis.

Instant changes to your
pension savings

You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.

Instant changes to your
pension savings

You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.

Instant changes to your
pension savings

You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.

Instant changes to your
pension savings

You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.

Your pension savings need careful management

We’ll invest your first contributions for you. That will get your account up and running. To do that, we'll use what's called an investment strategy, putting your money into a specific range of funds. You can tell us to move your pension saving to other funds at any time, directly from your account.

If you'd rather not be too hands on with investing, we can take the decisions for you on an ongoing basis. You can stay invested in one of our pre-determined investment strategies and we'll make the investment decisions for you.

Or, if you feel comfortable making decisions like this yourself, then you can get more involved. There are 17 fund options to choose from. These include funds that will keep your money:

  • invested in equities (shares in companies)
  • invested in bonds and gilts (loans to companies or governments)
  • invested in cash
  • invested in specific locations (such as UK/US only, emerging markets)
  • invested with lower levels of risk, as you approach retirement

You can read more about managing pension savings and choosing investment funds in our help centre.

Your pension savings need careful management

We’ll invest your first contributions for you. That will get your account up and running. To do that, we'll use what's called an investment strategy, putting your money into a specific range of funds. You can tell us to move your pension saving to other funds at any time, directly from your account.

If you'd rather not be too hands on with investing, we can take the decisions for you on an ongoing basis. You can stay invested in one of our pre-determined investment strategies and we'll make the investment decisions for you.

Or, if you feel comfortable making decisions like this yourself, then you can get more involved. There are 17 fund options to choose from. These include funds that will keep your money:

  • invested in equities (shares in companies)
  • invested in bonds and gilts (loans to companies or governments)
  • invested in cash
  • invested in specific locations (such as UK/US only, emerging markets)
  • invested with lower levels of risk, as you approach retirement

You can read more about managing pension savings and choosing investment funds in our help centre.

Your pension savings need careful management

What are investment strategies?

By default, when we open your Smart Pension account, we’ll use a pre-determined investment strategy to put your initial contributions into a mix of funds that aren't exposed to high levels of risk.

Our lifestyle strategies are a mix of investments that take two things into consideration: how much risk you're likely to be comfortable with, and how you plan to take your money from your account when you retire.

Unless you tell us that you want to be more hands on with your savings, and manage the investments yourself, we assume that you don't currently have a higher appetite for risk. In that case, we'll invest your funds by following an appropriate lifestyle strategy.

We'll then carry on making investment decisions, moving your money to a mix of even lower risk funds as you approach retirement age. We rely on the fund managers at JP Morgan and Legal and General Investment Management to take good care of your pension savings and manage that money for you while it's in your Smart Pension account. HSBC Global Asset Management manage our Sharia fund.

What are investment strategies?

By default, when we open your Smart Pension account, we’ll use a pre-determined investment strategy to put your initial contributions into a mix of funds that aren't exposed to high levels of risk.

Our lifestyle strategies are a mix of investments that take two things into consideration: how much risk you're likely to be comfortable with, and how you plan to take your money from your account when you retire.

Unless you tell us that you want to be more hands on with your savings, and manage the investments yourself, we assume that you don't currently have a higher appetite for risk. In that case, we'll invest your funds by following an appropriate lifestyle strategy.

We'll then carry on making investment decisions, moving your money to a mix of even lower risk funds as you approach retirement age. We rely on the fund managers at JP Morgan and Legal and General Investment Management to take good care of your pension savings and manage that money for you while it's in your Smart Pension account. HSBC Global Asset Management manage our Sharia fund.

What are investment strategies?

What are the advantages and disadvantages of using an investment strategy?

There are advantages and disadvantages of using an investment strategy. You should take these into account when deciding how to invest.

Advantages

  • You don’t have to choose which funds to invest in – the funds are chosen for you, and your money is managed by experts.
  • Your money is invested in a range of different funds for diversification.
  • Your money is moved into lower risk investments for you as you approach your selected retirement age.
  • Your savings are handled strategically. For example, we won’t move them all in one go because, if the markets are performing badly at the time, this will affect their value.

Disadvantages

  • You’re not choosing where you invest. One of our other investment funds might be more suitable for your goals.
  • You can’t express your own particular risk preferences at any time, as funds with specific risk levels are chosen on your behalf.
  • You also can’t choose when to move or change your investments – movement is automatic and doesn’t take market conditions into account. Even though not all your savings are moving at once, you could still miss out on specific opportunities in the market.
  • The final investment choice isn’t suitable if you decide not to retire at your selected retirement age, because it’s not designed for high levels of growth past this date. If you decide to change your retirement age, you should tell us by updating it in your account.

What are the advantages and disadvantages of using an investment strategy?

There are advantages and disadvantages of using an investment strategy. You should take these into account when deciding how to invest.

Advantages

  • You don’t have to choose which funds to invest in – the funds are chosen for you, and your money is managed by experts.
  • Your money is invested in a range of different funds for diversification.
  • Your money is moved into lower risk investments for you as you approach your selected retirement age.
  • Your savings are handled strategically. For example, we won’t move them all in one go because, if the markets are performing badly at the time, this will affect their value.

Disadvantages

  • You’re not choosing where you invest. One of our other investment funds might be more suitable for your goals.
  • You can’t express your own particular risk preferences at any time, as funds with specific risk levels are chosen on your behalf.
  • You also can’t choose when to move or change your investments – movement is automatic and doesn’t take market conditions into account. Even though not all your savings are moving at once, you could still miss out on specific opportunities in the market.
  • The final investment choice isn’t suitable if you decide not to retire at your selected retirement age, because it’s not designed for high levels of growth past this date. If you decide to change your retirement age, you should tell us by updating it in your account.

What are the advantages and disadvantages of using an investment strategy?

Which funds should you invest in?

If you're unsure about making investments, or you'd like more personalised information about your pension options, it's best to get advice.

An Independent Financial Adviser (IFA) can guide you on what’s most appropriate for your retirement plans. If you don't have an IFA now, you may want one in the future. We recommend using unbiased.co.uk to find a qualified, independent and regulated financial adviser.

The funds you choose will depend on your ‘appetite for risk’. We encourage everyone who has a Smart Pension account to learn about investment risks and to review their individual appetite for risk on a regular basis.

Which funds should you invest in?

If you're unsure about making investments, or you'd like more personalised information about your pension options, it's best to get advice.

An Independent Financial Adviser (IFA) can guide you on what’s most appropriate for your retirement plans. If you don't have an IFA now, you may want one in the future. We recommend using unbiased.co.uk to find a qualified, independent and regulated financial adviser.

The funds you choose will depend on your ‘appetite for risk’. We encourage everyone who has a Smart Pension account to learn about investment risks and to review their individual appetite for risk on a regular basis.

Which funds should you invest in?

Smart Pension's fund choices

Blended funds

Smart Growth Fund - Higher Risk

This fund carries a higher risk of fluctuation to your savings but has the potential for high growth, though this is not guaranteed.

Smart Growth Fund - Moderate risk

This fund has been created so that it will typically suit most our members, it has the medium level of risk of these funds.

Smart Growth Fund - Lower risk

This fund carries the lowest risk of loss but also reduced likelihood of a high return, but it may be suitable if you are concerned about volatility.

Smart De-risking Fund

This fund has been created so that it will typically suit most of our members who are approaching their target retirement age and would like a lower level of volatility than the Smart growth

Smart Lower Risk Fund

This fund has been created so that it will typically suit most of our members who are approaching their target retirement age and would like an even lower level of volatility than the Smart growth funds and the de-risking fund.

Equity investments

Smart UK FTSE 100 Equity Index Fund

The Smart UK FTSE 100 Equity Index Fund tries to track the return of the FTSE 100 Index, which contains the largest listed companies on the UK stock market.

It's a high risk fund. It tries to give you more growth in the long term but your savings will be exposed to higher levels of risk in the process.

Smart World (ex UK) Developed Equity Index Fund

The Smart World (ex UK) Developed Equity Index Fund tries to track the performance of the FTSE Developed (ex UK) Index. That provides broad exposure to large and mid-cap companies in the developed world, but it excludes UK companies.

It's a high risk fund. It tries to give you more growth in the long term but your savings will be exposed to higher levels of risk in the process.

Smart North America Equity Index Fund

The Smart North America Equity Index Fund tries to track the return of the FTSE USA Index. That index provides broad exposure to companies in the North American equity market.

It's a high risk fund. It tries to give you more growth in the long term but your savings will be exposed to higher levels of risk in the process.

Smart World Emerging Markets Equity Index Fund

The Smart World Emerging Markets Equity Index Fund tries to track the track the return of the FTSE All-World Emerging Index. That provides access to key emerging economies including Brazil, Russia, India and China.

It's the highest risk fund we offer. It tries to give you more growth in the long term but your savings will be exposed to higher levels of risk in the process.

Fixed interest

Smart All Stocks Index - Linked Gilts Index Fund

The Smart All Stocks Index - Linked Gilts Index Fund tries to track the return of the FTSE Actuaries British Government Index - Linked All Stocks Index. That Index features UK government bonds with returns linked to the Retail Price Index (RPI).

It's a higher risk fund. It tries to give you more growth in the long term but your savings will be exposed to higher levels of risk in the process.

Smart Overseas Bond Index Fund (GBP Hedged)

The Smart Overseas Bond Index Fund (GBP Hedged) is a fund that invests in different types of bonds. These include corporate and government bonds in the UK and overseas.

It's not the lowest risk fund but it is lower risk. It tries to protect your capital but still give you opportunities for growth in the long term.

Cash

Smart Cash Fund

The Smart Cash Fund tries to maintain your capital and give you a return that's in-line with money market rates. It tries to do this by investing in a range of money market securities denominated in sterling.

It's not the lowest risk fund but it is lower risk. It tries to protect your capital but still give you opportunities for growth in the long term.

Other specialist funds

Smart Ethical Global Equity Index Fund

The Smart Ethical Global Equity Index Fund tries to track a filtered index, which excludes companies that operate in industries breaching certain ethical criteria.

It's a higher risk fund. It tries to give you more growth in the long term but your savings will be exposed to higher levels of risk in the process.

Smart Sharia Fund

The Smart Sharia Fund tries to create long term appreciation of capital by investing in a diversified portfolio of securities that meet Islamic investment principles.

It's a higher risk fund. It tries to give you more growth in the long term but your savings will be exposed to higher levels of risk in the process.

Specialist funds – pre/at retirement

Smart Income Fund

The Smart Income Fund tries to give you long-term investment growth up to and during retirement, to facilitate the drawdown of retirement income.

It's a higher risk fund. It tries to give you more growth in the long term but your savings will be exposed to higher levels of risk in the process.

Smart Annuity Fund

The Smart Annuity Fund tries to invest in a way that matches the characteristics of investments underlying the pricing of a typical non-inflation linked annuity.

It's a higher risk fund that tries to give you more growth in the long term. Your savings will be exposed to higher levels of risk in the process, but it's not the highest level of risk you could take.

Smart Future Fund

The Smart Future Fund tries to replicate the asset allocation, performance, and risk profile of our default fund. It includes other criteria that revalue the weighting of each investment depending on Environmental, Social, and Governance scores.

It's a higher risk fund. It tries to give you more growth in the long term but your savings will be exposed to higher levels of risk in the process.

Smart All Stocks Index - Linked Gilts Index Fund

0.75%
AMC

Aims to track the return of the FTSE Actuaries British Government Index Linked All Stocks Index, which features UK government bonds with returns linked to the Retail Price Index (RPI).

Smart Annuity Fund

0.75%
AMC

Aims to invest in a way which matches the broad characteristics of investments underlying the pricing of a typical non-inflation linked annuity.

Smart Cash Fund

0.75%
AMC

Aims to maintain capital and provide a return in-line with money market rates by investing in a range of money market securities denominated in sterling.

Smart De-risking Fund

0.75%
AMC

This fund has been created so that it will typically suit most of our members who are approaching their target retirement age and would like a lower level of volatility than the smart growth funds.

Smart Ethical Global Equity Index Fund

0.87%
AMC

Aims to track a filtered index, which excludes companies that operate in industries that breach certain ethical criteria.

Smart Future Fund

0.75%
AMC

This fund aims to replicate the asset allocation, performance and risk profile of our Smart Growth Moderate fund, whilst incorporating additionalscreening criteria that revalues the weighting of each investment depending on their Environmental, Social, and Governance (ESG) score. It aims to limit the additional risks associated with ESG factors.

Smart Growth Fund - Higher Risk

0.75%
AMC

This fund carries a higher risk of fluctuation to your savings but has the potential for high growth, though this is not guaranteed

Smart Growth Fund - Lower Risk

0.75%
AMC

This fund carries the lowest risk of loss but also reduced likelihood of a high return, but it may be suitable if you are concerned about volatility.

Smart Growth Fund - Moderate Risk

0.75%
AMC

This fund has been created so that it will typically suit most our members, it has the medium level of risk of these funds.

Smart Income Fund

0.75%
AMC

Aims to provide long-term investment growth up to and during retirement, to facilitate the drawdown of retirement income.

Smart Lower Risk Fund

0.75%
AMC

This fund has been created so that it will typically suit most of our members who are approaching their target retirement age and would like an even lower level of volatility than the smart growth funds and the de-risking fund.

Smart North America Equity Index Fund

0.75%
AMC

Aims to track the return of the FTSE World North America Index, which provides broad exposure to companies in the North American equity market.

Smart Overseas Bond Index Fund - GBP Hedged

0.85%
AMC

Aims to invest in different types of bonds, including corporate and government bonds both in the UK and overseas.

Smart Sharia Fund

1.01%
AMC

Aims to create long term appreciation of capital through investment in a diversified portfolio of securities which meets Islamic investment principles.

Smart UK FTSE 100 Equity Index Fund

0.75%
AMC

Aims to track the return of the FTSE 100 Index, which contains the largest listed companies on the UK stock market.

Smart World (ex UK) Developed Equity Index Fund

0.75%
AMC

Aims to track the performance of the FTSE Developed (ex UK) Index, which provides broad exposure to large and mid-cap companies in the developed world, excluding the UK.

Smart World Emerging Markets Equity Index Fund

1.12%
AMC

Aims to track the return of the FTSE All-World Emerging Index, which provides access to key emerging economies including Brazil, Russia, India and China.

Smart Pension's fund choices

From 1 December 2020, we are changing the way we charge members of the Smart Pension Master Trust. For employers who have signed up with us directly, we will move their employees who are on the default 0.75% annual management charge to a lower default management charge of 0.30% and a monthly fee of £1.25.

Smart All Stocks Index - Linked Gilts Index Fund

0.75%
AMC

Aims to track the return of the FTSE Actuaries British Government Index Linked All Stocks Index, which features UK government bonds with returns linked to the Retail Price Index (RPI).

Smart Annuity Fund

0.75%
AMC

Aims to invest in a way which matches the broad characteristics of investments underlying the pricing of a typical non-inflation linked annuity.

Smart Cash Fund

0.75%
AMC

Aims to maintain capital and provide a return in-line with money market rates by investing in a range of money market securities denominated in sterling.

Smart De-risking Fund

0.75%
AMC

This fund has been created so that it will typically suit most of our members who are approaching their target retirement age and would like a lower level of volatility than the smart growth funds.

Smart Ethical Global Equity Index Fund

0.87%
AMC

Aims to track a filtered index, which excludes companies that operate in industries that breach certain ethical criteria.

Smart Future Fund

0.75%
AMC

This fund aims to replicate the asset allocation, performance and risk profile of our Smart Growth Moderate fund, whilst incorporating additionalscreening criteria that revalues the weighting of each investment depending on their Environmental, Social, and Governance (ESG) score. It aims to limit the additional risks associated with ESG factors.

Smart Growth Fund - Higher Risk

0.75%
AMC

This fund carries a higher risk of fluctuation to your savings but has the potential for high growth, though this is not guaranteed

Smart Growth Fund - Lower Risk

0.75%
AMC

This fund carries the lowest risk of loss but also reduced likelihood of a high return, but it may be suitable if you are concerned about volatility.

Smart Growth Fund - Moderate Risk

0.75%
AMC

This fund has been created so that it will typically suit most our members, it has the medium level of risk of these funds.

Smart Income Fund

0.75%
AMC

Aims to provide long-term investment growth up to and during retirement, to facilitate the drawdown of retirement income.

Smart Lower Risk Fund

0.75%
AMC

This fund has been created so that it will typically suit most of our members who are approaching their target retirement age and would like an even lower level of volatility than the smart growth funds and the de-risking fund.

Smart North America Equity Index Fund

0.75%
AMC

Aims to track the return of the FTSE World North America Index, which provides broad exposure to companies in the North American equity market.

Smart Overseas Bond Index Fund - GBP Hedged

0.85%
AMC

Aims to invest in different types of bonds, including corporate and government bonds both in the UK and overseas.

Smart Sharia Fund

1.01%
AMC

Aims to create long term appreciation of capital through investment in a diversified portfolio of securities which meets Islamic investment principles.

Smart UK FTSE 100 Equity Index Fund

0.75%
AMC

Aims to track the return of the FTSE 100 Index, which contains the largest listed companies on the UK stock market.

Smart World (ex UK) Developed Equity Index Fund

0.75%
AMC

Aims to track the performance of the FTSE Developed (ex UK) Index, which provides broad exposure to large and mid-cap companies in the developed world, excluding the UK.

Smart World Emerging Markets Equity Index Fund

1.12%
AMC

Aims to track the return of the FTSE All-World Emerging Index, which provides access to key emerging economies including Brazil, Russia, India and China.