ITALY - An Italian pension scheme covering pilots and airline technicians has launched a search for a financial institution to offer life annuities products for its members.
The €180m (£122m) Previvolo defined contribution (DC) scheme, which includes employees of Alitalia and its subsidiary Alitalia Express among its members, was launched in 2000.
Since October 2004, it has run four different portfolios to cater for different risk tolerances.
Until now, the fund has not required a partner to undertake life annuities for the members because they were allowed to claim pensions after at least ten years of membership.
In February 2007, Global Pensions reported comments by Bank of Italy governor Mario Draghi in which he said the underdeveloped pension fund industry in Italy was impeding the financial system's growth and preventing the restructuring of a productive economy.
Draghi explained how pension funds in other countries had helped ensure the efficiency and liquidity of the financial markets.
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