Experts voice concerns over planned Italian second-pillar fund

first_imgA planned new publicly-run occupational pension fund for Italy is flawed and the country’s Social Security Institute (INPS) would be unsuitable to run it, according to industry experts.Claudio Pinna of consultancy group Aon and Antonio Iaquinta of State Street Global Advisors (SSGA) both told IPE that they doubted the INPS would be capable of managing the fund proposed earlier this month by the agency’s president, Pasquale Tridico.Pinna, head of retirement consulting business in Italy for Aon, said: “INPS is the institute which is dedicated to managing social security and my feeling is that this should be their main focus.“Social security in Italy is managed on a pay-as-you-go basis, and they are not experts at managing assets in that kind of way.” “We need to focus and develop the private pension system, but not in this way”Claudio Pinna, Aon“They should be focused on social security, including the funded part of social security, to allow the institute to guarantee a high quality of service to the employees around the country in Italy – and certainly the quality can be increased,” he said.Iaquinta, head of institutional clients in Italy at SSGA, said the proposal – one of a series of ideas for the Italian labour market conditions presented earlier this month – was not a good idea.“INPS has always had a specific mission. What is being discussed now is a different task and you need skilled people to do it, so it is difficult to think that INPS has the in-house expertise to run a complementary scheme,” he said.Iaquinta also said that, if the goal of the new scheme was to increase the number of Italian workers in the second pillar, there was still a lot of room to boost numbers within existing DC schemes.“We are at around a 30% participation rate,” he said. “The lack of offering is not the main reason behind the current low participation rate. It is mainly the lack of knowledge, financial education and, unfortunately, the lack of a consistent and productive public campaign on the importance of creating a second pillar scheme for yourselves.”Iaquinta also voiced concern about Tridico’s proposal for the planned new fund to invest more in Italy. “It can be a good idea to invest more in Italy and within Italy, but it is not a good thing to concentrate all the investments in one country,” he said. “Diversification is a key element.”Developing the systemAon’s Pinna conceded that the chairman of INPS had raised some key issues in his broader speech on 10 July.“The development of the private pension system in Italy is crucial, and I agree that these are important points that the government should assess,” he said.The 30% participation rate, combined with workplace pension assets amounting to less than 10% of GDP, demonstrated that the private sector pension system required change, Pinna said.“It is still not in line with the needs of the employees,” he added. “Tridico is correct; we need to focus and develop the private pension system, but not in this way.”Pinna also challenged Tridico’s assertion that there was a lack of transparency in the private pension system.“Although this was probably was true in the past for some pension funds, with the new IORP II directive, pension funds are applying these rules so there is a lot of transparency here,” said Pinna. He added that INPS was already managing two big reforms taking place in the next three years, involving a national minimum level of income and early retirement for some workers.center_img Antonio Iaquinta, SSGASSGA’s Iaquinta supported the government’s and INPS’ belief in the importance of retirement savings, but called for a focus on existing schemes rather than new solutions.“Instead of thinking about creating something new, let’s focus first on what it is already available,” he said. “Let’s focus the effort on the current second-pillar schemes and work with them on increasing the participation rates. Let’s increase the resources there, which can then be invested more and more within Italy, encouraging a virtuous circle.”IPE has contacted INPS requesting more details of the proposal, but as yet has received no response.The plan outlined by Tridico has already been rejected by the undersecretary of state in the Ministry of Labour and Social Policies, Claudio Durigon, and has met with opposition from Italian trade unions.last_img read more

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Carragher regrets title blank

first_img The 35-year-old played a key part in the famous 2005 Champions League final victory over AC Milan but the top domestic prize just evaded his grasp. “I wish I’d have won the league but you’ve given it everything and done as much as you can in terms of what you put into it,” said the centre-back, who will bow out at Anfield in his 737th and final match for the club against QPR. The closest he came to it was in 2008/09 when the club’s record Premier League points tally of 86 – a season in which they lost just two matches – was still only good enough for a runners-up place to Manchester United. Since then Carragher believes the standard of the Premier League has dipped – along with Liverpool’s chances of competing for the top four, never mind the title. He added: “We weren’t good enough, all of us. It’s very simple, there’s no fancy reason or excuse, other teams in that particular season were better than us. A couple of times we went close but it was Manchester United or Arsenal. It’s not something I lose sleep over, I’ve been very lucky to achieve some of the things I have. “If you look at everyone there’s always something someone hasn’t done. There’s always more to achieve, whatever you’ve done. I’m pleased with how it’s gone. “If someone had offered me to be here until the end of my career – the trophies, the big games we’ve played and won, the stadiums I’ve played in – I’d have bitten their hand off for that.” Asked for his highlight, he stressed there was no contest, and he added: “Istanbul, nothing will beat that – the Champions League final. It’s difficult to ever top that. We’ve never won the league, which is a disappointment; if we’d have won that maybe I could have compared the two. “We’ve won FA Cups, Carling Cups, the UEFA Cup but nothing compared to the Champions League. It’s the biggest and best trophy that you can win as a footballer in club football. It’s what we achieved. It’s a team game; there are different managers and coaches who have helped you along the way, you do your best – I’ve done all right.” Press Associationcenter_img Retiring Liverpool defender Jamie Carragher admits the one regret of his 16-year Reds playing career was not winning the league title.last_img read more

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‘I’d be off’ – Vinnie Jones warns Mourinho over treatment of Man United starlets

first_img Marcus Rashford has been mostly used as an impact player for Man United this season “They are lacking maturity. Maturity that when you [Stoichcov] played, I think the youngsters… look at your situation, at my situation.“I wasn’t a player, obviously, but when I say maturity I mean on a personal level. We were more like men. We were more mature. We were more prepared for life. Let’s say it like that. We were less protected.“In English they call it ‘spoilt’, ‘spoilt kids’. Our kids are more spoilt than we were by our parents. We are more mature, we are better prepared. For young people now, it’s a different life on a social level compared to ours.“Today’s players also in their surroundings, they have a word that was used a lot in Barcelona, entorno [environment] that they use in a more global, holistic sense in relation to the club. When I use the word I use it more in relation to a personal environment. To the people who surround the players, who protect them too much, who give them – in my opinion – too much care, too many excuses. There’s always an excuse for everything.“People are maturing more slowly. For example, the young lad Luke Shaw, who is the left-back of the national team, who arrived there [at United] two years before me. He didn’t know how to compete. He had great potential, yes, but he didn’t know how to compete.“When we talk about Luke Shaw, [Anthony] Martial, [Jesse] Lingard, Marcus Rashford, we’re talking about young lads but who also are still missing a word that I can’t use but you like to use. They are missing a bit of that. Character, personality, as they say in Spain as well, bad blood, that natural aggression that you had.” Anthony Martial in action in United’s 0-0 draw with Crystal Palace on Saturday 2 What Mourinho said in Univision Deportes interview Vinnie Jones has warned Jose Mourinho that Manchester United’s top young players may look to leave the club unless he starts ‘putting an arm around them’.Mourinho has a history of publicly criticising his players, and this season has been no different.While his bad cop approach may have worked with Luke Shaw – who has been hammered by the boss throughout his Old Trafford tenure but has been perhaps United’s best player this term – it hasn’t seemed to have the desired effect with others.Marcus Rashford, Anthony Martial, Jesse Lingard have all been far from their best in a Man United shirt this season and, publicly at least, they have had little love from their manager.It was reported last week that Mourinho had singled out Shaw, Martial, Lingard and Rashford for harsh criticism in an interview with Barcelona legend Hristo Stoichkov, saying the United starlets were ‘spoilt kids’ and ‘lacked character’.center_img Especially Rashford, who is said to be frustrated with his bit-part role at Old Trafford this season and has been linked with a stunning move to Real Madrid.Speaking on Monday’s Alan Brazil Sports Breakfast, the FA Cup winner said: “If I was Rashford I’d say, ‘I’m off – at the first opportunity, I’m out of here’. The manager insists, however, that his comments were a more general observation on the current generation of footballers, which were taken out of context.That incident aside, though, Mourinho has not exactly shown a great deal of warmth towards his team this season, and Jones believes he could be pushing his players away. 2 “Mourinho has got to put his arm around some of these players, you can’t keep hammering and having a go at them – especially the younger players.“I don’t think it helps, I think you start losing them.“It used to be ‘what happens in the dressing room stays in the dressing room’, you don’t come out publicly and have a go like Mourinho keeps doing.“If I was a senior player I think I’d go to him and say, ‘you’ve got to knock it on the head with the young lads, we’re trying to put our arms around them and you’re hammering them’.“I’m a fan of Mourinho, but I don’t think it’s helping at all.”Listen back to Vinnie Jones on the Alan Brazil Sports Breakfast IN FULL above!last_img read more

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