ITALY - The government has confirmed plans to merge its welfare entities in an effort to make the social security system more efficient.
The current government has come under pressure regarding its work within the welfare sector after the Silvio Berlusconi government postponed the pensions reform to 2008.
Labour minister Cesare Damiano and reform and innovation minister Luigi Nicolais met to discuss fusing the social security entities.
The two entities involve will be the INPS - the national institute for social security and the national institute for social security for public employees.
Minister Damiano claimed this move would not only make the sector more efficient, but also help the government save money on management fees.
This revelation, however, was not well received by one of Italy's largest trade unions.
Pier Paolo Baretta, secretary general, CISL, Italian Confederation of Workers’ Trade Unions, claimed the merger would do nothing but breed further inefficiency.
The real problem is involving the social partners in the management of the welfare entities, he concluded.
The Competition and Markets Authority (CMA) has published three working papers as part of its investigation into the investment consultancy and fiduciary management markets.
In this week's Pensions Buzz, we wanted to know whether contract-based, trust-based or a master trust arrangement would be best for a new defined contribution (DC) scheme.
This week's edition of Professional Pensions is out now
MPs failed to place legislation into the Financial Guidance and Claims bill that would have made pension guidance default, which Just Group director Stephen Lowe said left a "bitter taste".