Italy’s largest bank Gruppo Intesa Sanpaolo is merging its defined contribution (DC) and defined benefit (DB) schemes with Fondo Pensioni Cariplo, the pension fund for the employees of Cariplo bank, to create Fondo pensione unico del gruppo Intesa Sanpaolo, one pension fund with approximately €12bn in total assets, the bankers’ union FABI (Federazione Autonoma dei Bancari Italiani) said in a statement.
The process to consolidate the pension schemes is set to close on 1 January 2027, according to FABI. Cariplo bank merged with Banco Ambrosiano Veneto to create Banca Intesa, which in turn merged with Sanpaolo IMI bank to create Banca Intesa Sanpaolo.
The new pension fund is split into two sections: one operating under a DC regime, and the other under a DB arragement, the union added.
Intesa Sanpaolo’s DB fund will be integrated in the new scheme that will cater for over 130,000 members.
FABI, First Cisl, Fisac Cgil, Uilca and Unisin, the unions representing the employees in the Italian banking sector, have all signed an agreement with the representatives of the Intesa Sanpaolo group to establish what would be one of the largest pension schemes in the country.
The integration will take place through a “collective transfer” of members and accrued savings, with a “continuity of services and guarantees”, and according to laws and provisions of existing pension schemes, FABI added.
Paolo Citterio, who represents FABI in Instesa Sanpaolo, said: “This merger is in line and consistent with the guidelines of [pension regulator] Covip. It is a historic agreement aimed at providing ever greater operational effectiveness, cost efficiency and services to the benefit of all members.”
Dario Cerri, secretary of the union Uilca and member of the board of directors of Intesa Sanpaolo’s DC fund, said: “The new [pension fund] will be able to develop further operational synergies, offer all members the benefits of its multi sub-funds structure, and the possibility of [also] enrolling family members, a distinctive feature,” as also highlighted by Covip.
Claudia Tolomei, secretary of the union Uilca and member of the board of directors of Intesa Sanpaolo’s DB scheme, added that the new pension fund is in line with Covip’s “rationalisation” of so-called ‘fondi pensione preesistenti’ – pre-existing pension funds, such as Fondo Pensioni Cariplo.
Pre-existing pension funds are schemes set up before a reform that established complementary pension schemes in 1993. Cariplo closed for new members following the reform and will cease to exist in 2065, it said.
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