ITALY - Industry-wide pension funds have hit out against the producers of a popular television show claiming the report was superficial and painted an incorrect picture of second pillar pensions.
Byblos, Scuola Espero, Alifond, Concerto, Fondapi and Cooperlavoro are just some of the pension funds that wrote irate letters to the producers of ‘Report’, regarding the programme on occupational pension funds that was broadcast in May on the public channel Rai tre.
“The subject was treated superficially and you made a mess of things by linking issues that had nothing to do with each other,” Flavio Casetti, of Cooperlavoro, wrote.
He added that the pension funds’ only aim is to protect the value of their member’s savings and find the best markets for those savings.
In his response, Piero Riccardi, one of the show’s producers, said the programme’s confusion simply reflected the confusion in the law reform on pensions.
“We did nothing more than show the mess that has been made in the law,” he said. Riccardi added that members of occupation pension funds trust their money in the hands of a system that is “the epitome of conflict of interest.”
He claimed that because the pension funds’ portfolios include investments in other funds and even fund of funds, there is no way the process can be devoid of conflict.
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