ITALY - Lamberto Dini, the author of the 1995 Italian pension reform, has slammed a government proposal to transfer employees' final indemnity payments to the national institute of social welfare (INPS).
In discussing the pension reform the government revealed intentions to transfer the workers' final indemnity payments - the Trattamento Fine Rapporto (TFR) to the INPS.
This proposal was shot down by Dini and by the Italian workers' union - UIL.
"INPS should never lay its hands on the TFR. It is a duty it never had and things should remain this way. This is because it would not be able to manage the funds appropriately," said Dini in an interview.
The suggestion would throw away 10 years' worth of work on the launch of complementary pension sector, said UIL confederal secretary Domenico Proietti.
He stressed solving the issue of a guarantee fund and finalise the path to the concrete launch of the sector was definitely more important.
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.