PENSION REFORM / The additional difficulty for the funds

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PENSION REFORM / The additional difficulty for the funds



Referring to the challenge posed by inflation to pension fund managers, interviewed by Milano Finanza, Ivonne Forno, independent director of Green Arrow Capital, a financial group specializing in alternative investments, underlines that “most experts and management houses seem to agree with the forecast that consumer prices for the next five years will be higher than those of the past five years. the company as the first reference, anchored to the evolution of the inflation rate – in the next 60 months will therefore be more difficult. But the recovery of inflation will be only one of the many challenges that managers will have to know how to manage at best in an approach that must be increasingly integrated, even between passive and active management, multifaceted, very diversified towards the world of investments alternatives, grafted on a solid structure of strategic asset allocation”.


While in Italy efforts are being made, through the discussion on pension reform between the government and the unions, to allow retirement at an age below the requirement set at 67, in France Emmanuel Macron is prepared, in the event of an election, to raise the retirement age from 62 to 65. The French president, presenting his electoral program, as reported, explained that “our society lives longer, so it is normal that we work more”. According to some estimates, the French state could save more than 20 billion euros thanks to this decision. Macron would like to allocate part of this sum to increase the minimum pension amount to 1,000 euros. It must be said that the project does not meet with the favors of the unions and that in the past Macron’s plans to affect pensions have had to give way in the face of protests. However, if the President, in the middle of the electoral campaign, makes this proposal, he undoubtedly knows that this time, he can carry out his project.


In a note, the leader of the Democratic Party in the finance committee of the hemicycle, Gian Mario Fragomeli explains that the tables provided “by the finance department of the MEF, in response to our question, show how after many years there is finally a net increase in Italian pensions. Thanks to the Democratic Party’s battle in the finance law, the investment of more than two billion euros for ten million pensioners with an income of up to 50 thousand euros, allows average increases of 200 euros per year. It is a first step, certainly not enough, also because it is not extended gradually, which commits us to do more and better for the future. Starting with the reform contained in the tax delegation which will have to allow greater increases and more concentrated on the lower brackets of the average incomes. On this aspect, as a Democratic Party, we are committed to giving substance to what we have already put on paper in our amendments”.


At the microphones of iNews24, as reported by, Paolo Trancassini recalled that “Minister Cingolani launched the hypothesis of the mobile excise tax without going into the substance and that somewhat gives the dimension of the problem. In the Senate, he limited himself to describing the situation but did not indicate a course of action, as other countries have already done, by adopting corrective measures and taking decisions. From the point of view of the energy crisis, companies, pensions or major works, the situation is dramatic. We are facing a huge emergency and a minister in this situation cannot speculate, but must point the way”. According to the deputy of the Brothers of Italy, “the feeling is that politics makes a living. This is also apparent when looking at how other countries are handling the energy crisis. The government today has not given the impression that it has the helm in hand. But right now, companies need a government that can provide certainty that they are not lost.”


According to Elsa Fornero, in terms of pension reform, “promising that good pensions will be paid in 30 years is a pious illusion or a parody. But the fact is that not enough is being done to solve the problem of young people’s working lives, which are poor and discontinuous. We must reverse the perspective, increase employment”. A result which, the former Minister of Labor recalls in an interview with Giornale di Vicenza, cannot be achieved with pension reform through measures such as Quota 100, because “the idea of ​​replacing older workers with young people does not work. As an in-depth study by the Bank of Italy has shown, work should rather be thought of in an inclusive and non-substitutive logic”. Indeed, “the impossibility of resorting to early retirement has led companies to innovate in the personnel management by introducing young people where necessary”.


Regarding the pension reform hypotheses that we have been talking about for several months now, Elsa Fornero hopes “that we can intervene with measures to help the weakest, the unemployed, women, people who take care of the most deprived” . For the rest, we must clear the field of ambiguity: flexibility pays. If you want to retire earlier, you have to accept a lower pension, you cannot pass the cost on to future generations as was the case with Quota 100.” taking into account life expectancy”, the requirement of the old-age pension set at 67 still remains valid. The former minister also considers it necessary to introduce a minimum wage “also as a tool to ‘force’ companies to find solutions to a constraint, a bit like was the case for the extension of the retirement age”.

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