Italy

ITALY - As from next year, at least 50% of employees will transfer their Trattamento di Fine Rapporto (TFR) to pension funds, said welfare deputy secretary Alberto Brambilla (pictured).

ITALY - Former members of the national pension funds have received "false fines" due to a glitch in the system at the tax department [Agenzia Delle Entrate].

ITALY - Robin Lough has moved from Dresdner Kleinwort Wasserstein (DrKW) to join Pioneer Investments in Milan as head of strategy and business development.

ITALY - Increased transparency is vital to Italy's pension system according to the association for the development of the Italian pension funds market, Mefop.

ITALY - Social welfare minister Roberto Maroni has hailed the nation's ‘super bonus' scheme as a success and confirmed it could be extended beyond its 2008 deadline.

ITALY - The International Monetary Fund (IMF) has said reforms to increase private pension saving are essential in Italy.

ITALY - A decree issued by the Italian government has made it possible for workers who have contributed to different pension schemes to sum up their contribution periods into one pension.

ITALY - The Italian cabinet has approved a severance pay pension reform to encourage workers to invest in private pension funds.

ITALY - Italian employers must address new laws affecting supplementary retirement schemes or face "unnecessary costs and administration", Watson Wyatt has said.

ITALY - HSBC's Alternative Fund Services has received Bank of Italy approval to open a custody operation for alternative investment funds in Milan.