The Pension Protection Fund, which provides a safety net for pensioners whose employers fail to meet benefit payments, has argued against including a pension scheme's orientation towards risk as a factor in determining the level of levy it charges a firm.

The PPF's levy is currently based on a formula which considers the level of underfunding in a company's pension scheme and the likelihood of having to sponsor employer insolvency. Investment risk is an optional factor which the board can choose to include.