Asset Allocation – Page 149
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Features
Reform comes to a crossroads
After three and a half reforms during the past decade, restructuring the pension system is no longer a top priority in the Italian political agenda. The newly appointed Prodi government, however, will hardly be able to ignore the issue, as Mario Draghi, the new governor of the Bank of Italy, ...
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Features
Legislation changes in nutshell
The law decree 5 December 2005 n.252, in application of the last pension reform (law 23 August 2004 n.243), has significantly modified the current law on pension funds (law decree 21 April 1993, n.124). The new law is likely to pave the way for major change in Italian pensions, moving ...
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Features
Double challenge for open funds
COVIP (Italy’s pension fund regulatory authority) gave the first green lights to open pension funds OPFs) in July 1998 following legislation originally enacted in 1993. So far they have not been particularly effective. Therefore, the past government decided to pass a new reform originally scheduled for 2006 but which has ...
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Features
When the state bows out
Latvia’s fledgling second pillar pension funds expect to receive a much-needed shot in the arm over the coming year if a plan to withdraw the State Treasury from the market is approved by parliament. “The State Treasury became involved in funded pensions because our pension reform was implemented in the ...
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Features
Alternatives making a little headway
In Italy, investment rules for each pension fund differ according to what type of legal regime it falls into. The most recent funds, formed under the 1993 pensions law, cannot in general invest in alternatives – they can only do so via harmonised mutual funds linked to traditional asset classes. ...
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Features
Marè’s advice: hold your course
Italy is on the brink of dramatic changes to its pension fund market. Either the Maroni reform goes on and pension funds grow strongly, or the industry will face a new paralysis that will be detrimental to future retirees. A third way, which is going back to a very generous ...
