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National System

THE ROLE OF CLOSED PENSION FUNDS FOR THE GROWTH OF THE NATIONAL ECONOMY

The study “The role of closed pension funds for the growth of the national economy”, prepared by The European House – Ambrosetti in collaboration with the Perseo Sirio Fund and with the participation of HSBC Global Asset Management, was presented.

THE ROLE OF CLOSED PENSION FUNDS FOR THE GROWTH OF THE NATIONAL ECONOMY

The digital presentation event of the study “The role of closed pensions funds for the growth of the national economy” was moderated by the journalist and editorialist Ferruccio de Bortoli, with speeches by Wladimiro Boccali (President of the Perseo Sirio Fund), Mario Padula (President of COVIP – the commission for monitoring pension funds), Guido Carpani (Head of Cabinet to the Minister of Public Administration, Fabiana Dadone), Giovanni Maggi (President of Assofondipensione), Philippe de Nouel (Head of Institutional Sales – Southern Europe, HSBC Global Asset Management), Antonio Mignone (Alternative Investment Manager, BPM Bank), and Lorenzo Tavazzi (Partner and Scenarios and Intelligence Area Manager of The European House – Ambrosetti).

The development of closed pension funds in Italy is a topic of great interest at this time, perhaps more than ever before as, in light of its particular characteristics, the Public Administration may be able to contribute substantially to support the new positioning of closed funds in Italy, considering also that they have already partially overcome various specific limitations related to recognizability, flexibility and customization, fiscal management, direct investment in the real economy and communications.

The study, prepared by The European House – Ambrosetti and presented to about eighty leading representatives of the sector, connected online, intended to offer an authoritative contribution, delineating a detailed picture of the situation of closed pension funds in Italy, and proposing various lines of possible action to stimulate a constructive discussion with the institutions and players.

The portfolio of proposals contained in the study could produce the following benefits for Italy by 2025:

  • up to about 4.1 million more workers enrolled in the closed funds, 67% of whom in the Public Administration;
  • a rate of membership for closed funds in the P.A. between 28% and 85% in the different scenarios hypothesized (compared to 4% at the present time);
  • up to 40,000 severely disabled people with special ceilings (in addition to the regular base of enrollment);
  • up to €5 billion invested in the real economy (in a scenario of annual growth averaging 15% of the current investment share of closed pension funds until 2025).

 

Read the Position Paper

Presentation by Lorenzo Tavazzi

 




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