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.
Industry experts are calling on the government to act quickly on new pensions dashboard legislation. The DWP is looking at how to do it amid Brexit constraints, writes Kim Kaveh.
An interactive and hands-free technology that allows savers to track how much they have invested into their retirement pots has been launched by Smart Pension.
The Lighthouse Pensions Trust has recorded an 84% surge in the number of employers signed up to its auto-enrolment (AE) provision.
Melrose Industries's UK defined benefit (DB) schemes had a £5.5m combined deficit at the end of 2016, its annual results have revealed.