Italy

ITALY - The Bank of Italy has called for the retirement age to be raised in order to ensure the financial sustainability of the insurance system.

ITALY - European asset managers are continuing to charge the Italian pensions market with Raiffeisen Capital Management the latest manager to reveal plans to strengthen its offering in the region.

ITALY - The pensioners' unions took to the streets this morning in a demonstration against the government demanding direct involvement in negotiations for pension reform.

ITALY - Economic development minister Pierluigi Bersani has claimed that his call for the government to act prior to the launch of the pension reforms in January 2007 were misconstrued by labour minister Cesare Damiano.

ITALY - The government and social partners have signed an agreement that will see around €5bn from company final indemnity funds transferred to the national institute of social welfare (INPS) as of next year.

ITALY - Pension reforms in the country will be rolled out after the budget, claimed Dario Francheschini, group leader of the governing party Ulivo.

ITALY - Trade unionist Raffaele Bonanni has called on prime minister Romano Prodi to "stop mincing his words" and draw up an organic project to stimulate the complementary pension system.

ITALY - The Italian government's efforts to stimulate the defined contribution (DC) sector by encouraging workers to transfer their final indemnity payments to pension funds could grind to a halt as employees remain unconvinced by the proposed system....

ITALY - A memorandum of understanding between the government and trade unions is due to be signed ensuring pensions will not be included in the budget for 2007.

ITALY - A disgruntled trade union has opposed the government's proposal to block the windows for early retirement in the coming year.