ITALY - Fondoposte, a supplementary pension fund for non-executive employees of Poste Italiane and its subsidiaries has been authorised by COVIP, the Italian pension fund regulator.
The fund is to be launched as a monocomparto scheme, however after a period of three years, individuals will have the opportunity to choose how they invest their pension money, moving into multicomparto type plans.
Drawing on a pool of some 160 000 potential scheme members, employees and employers will each contribute 1%, although employees will be able to increase their contributions up to 4%.
It is expected that the Poste Italiane will inject e225 000 in order to start off the pension fund.
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