UK - The Pension Protection Fund is in the process of hiring consultancy services to help it develop a new pension scheme levy formula.

It follows the PPF's consultation in August on the future evolution of the pension scheme levy ,which focused on how it could align the risk-based levy to the contribution of pension schemes to the long-term risk calculated by its modelling tools.

The contract is expected to last four months and the winning firm will be expected to fulfil a number of objectives including communication with stakeholders to "capture and address their issues and gain adherence to the new framework".

In addition, the consultancy work will involve assisting the board in "creating a fair levy based on long-term risk" and developing a new levy formula which is consistent with the PPF's funding strategy but also reflects the contribution of pension schemes to the long-term risk.

Closing date for tender applications is 8 January 2008. The PPF has justified the short time frame for submissions on the basis the work would be setting up basic services "which are required as a matter of urgency".

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