ITALY - The overall subscription to Italian pension funds has increased by 7.2% over 2008, despite severe market turmoil, data by COVIP reveal.
Open pension funds saw the number of scheme members increase by 6.2%, with an overall growth of 80.2% since 2007. In addition, individual pension plans grew by 44% during last year.
According to COVIP's preliminary data on financial results, Italian pension funds lost 8.4% on average in 2008. Specifically, closed pension funds lost 6.3%, open pension funds lost 14.1% and individual pension plans lost 24.9%.
Data showed closed pension funds were the ones able to recuperate part of the losses posted at the end of October (-6.7%) by switching large parts of their equity allocations to government bonds.
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