In spite of the bleak outlook for Italian retirees' financial security in their foreseeable future, only about 20% of Italian workers joined a private pension scheme at the end of 2007. More worryingly, young labourers, whose public pension replacement ratre will be penalized by the public pension system progressive downsizing, tend not to vest pension plans with their money. After shortly presenting an overview of the Italian pension system peculiarities, the paper focuses on the reasons for private pension schemes for not being in strong demand. Closed pension funds, whose members are about 45% of the people joining private retirement schemes furnish a reasonable source of public data to investigate the issue. Information collected are analyzed in order to relate funds' ablity to attract new members to past financial performance, employers' contribution, investing alternatives granted to members and the fund effort at communicating with perspective members. Targeted populations characteristics, funds' history and incentives provided by the legislative framework are also considered.
Italian labourers participation in private pension plans: an analysis of closed funds targeting specific industries
SPOTORNO, LUCIA;
2010
Abstract
In spite of the bleak outlook for Italian retirees' financial security in their foreseeable future, only about 20% of Italian workers joined a private pension scheme at the end of 2007. More worryingly, young labourers, whose public pension replacement ratre will be penalized by the public pension system progressive downsizing, tend not to vest pension plans with their money. After shortly presenting an overview of the Italian pension system peculiarities, the paper focuses on the reasons for private pension schemes for not being in strong demand. Closed pension funds, whose members are about 45% of the people joining private retirement schemes furnish a reasonable source of public data to investigate the issue. Information collected are analyzed in order to relate funds' ablity to attract new members to past financial performance, employers' contribution, investing alternatives granted to members and the fund effort at communicating with perspective members. Targeted populations characteristics, funds' history and incentives provided by the legislative framework are also considered.
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