ITALY - The Autorità per l'energia elettrica e il gas, the Italian regulatory authority for electricity and gas is tendering for a manager to run an open pension fund for its employees.
The fund will be defined contribution, and of the multicomparto design, offering employees a choice of investment styles. One of the investment styles is to guarantee the preservation of capital, at least in the case of the attainment of complementary pension requirements, of death or permanent disability which leads to a cessation of working life.
The authority expects initial flows to the fund to be some e2.2m, with a further e600 000 in 2005.
Membership in Italy's open pension funds grew by 8% in 2003 and assets increased by 42% to e1.3bn, according to the Covip annual report 2003.
In 2003 balanced open funds returned 4.9%, equity open funds 8.4% and pure fixed income funds 1.9%.
Proposals are due to the Autorità per l'energia elettrica e il gas and Gas in Milan by 17:00, 18 May 2004.
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