EUROPE - The European Parliament (EP) is looking for actuaries to evaluate the financial outlook of the MEPs' voluntary pension fund.

As reported by IPE in November, the parliament has now put out the tender for a study which is to give an "overview of the present financial situation of the Fund and outlook until 2009".

The actuaries will also have to look at the fund's situation after 2009 when the new statute for MEPs comes into force. That means that new MEPs will not be able to join the voluntary pension fund and that continuing MEPs opting for the new statute can no longer accrue new rights in the fund.

"Consequently this means the number of contributors will not increase and in the long term the fund will only have to meet pension payments until the death of the last beneficiary," the tender notice states.

Therefore the parliament will also ask the actuaries to evaluate new measures to be taken "if long-term financial stability is not guaranteed".

In discussions on the new statute for MEPs over the last decade, representatives of the MEPs voluntary fund had urged parliament to set up a funded scheme under the new statute and combine it with the Luxembourg-based voluntary fund to a "one fund two schemes" solution.

However, the tender seems to be a further indication towards the EP's administration  deciding to set up an unfunded pension scheme under the new statute.

The actuaries will have 120 days in which to complete the study. Deadline for participation in the tender will be March 13 2007.