Italy

ITALY - The Italian government has restricted the power of pension regulator COVIP and transferred its duties to two other entities "in the name of liberalisation".

ITALY - Over 75% of Italian pension funds have carried out a restructure in order to align with new pensions regulation calling for them to offer different lines of investment.

ITALY - The government is eyeing the creation of a "super welfare entity" by merging state pension body INPS with three sector pension institutes and insurance body INAIL in a bid to recoup around €3bn.

ITALY - Italian pension funds failing to create a default option that replicates returns posted by final indemnity funds, whilst offering capital and minimum yield guarantees, may be forced to resort to insurance vehicles.

ITALY - Trade unions have set up a pension fund for Italian professionals in the commercial, technical and health sectors.

ITALY - Italian trade union Cisl has launched a nation-wide education campaign to help workers understand the implications of the pensions reform implemented on 1 January 2007.

ITALY - Nine industry-wide Italian pension funds have issued tenders for the management of a default option that will replicate returns posted by final indemnity funds and offer capital and minimum yield guarantees.

ITALY - The Association for the Taxation of Financial Transactions for the Aid of Citizens (ATTAC) in Italy has slammed unions for agreeing to bring the pension reform forward.

ITALY - The €143m Fondogommaplastica has issued a tender for the the management of the sector of the fund destined for workers' final indemnity payments.

ITALY - Lower house speaker and former head of the Partito della Rifondazione Comunista (Communist Refoundation Party), Fausto Bertinotti, said yesterday the discussion on pensions "could be the occasion for... an important political debate".