New developments of the Italian retirement system were presented on November 28 at Bocconi University in the occasion of Deutsche Bank's "States General of Pensions". This event is part of the strategic partnership signed in 2010 with the famous University. Enrico Giovannini, Labor Minister in Italy, addressed the keynote speech to more than 200 guests.
After the welcome speech by Andrea Sironi - Dean of Bocconi University - and Flavio Valeri - Chief Country Officer of Deutsche Bank Italy, Minister Giovannini presented an outlook on retirement in Italy, stating that adequacy and sustainability are key factors to assess an economic system. Italy has made enormous progress in this direction, if compared to other European countries, as confirmed by the last OECD report " Pensions at a glance". According to him, a balanced welfare system is possible, on the condition of a stable economic growth.
The first panel discussion examined the "Sustainability of pension plans". Vincenzo Galasso - Professor of Economics, Bocconi, delivered the latest updates on the main factors conditioning the retirement system: an ageing population, adequacy of pension levels and the extension of the retirement age. According to figures, a late retirement would have positive effects on the system's sustainability, with no negative effects on juniors employment . Other speakers were Raffaele Bonanni - General Secretary of CISL (Trade Union), Carlo Favero - Deutsche Bank Chair in Quantitative Finance and Asset Pricing Bocconi University, and Antonio Mastrapasqua - President INPS (National Pension Institute) .
A second panel on "The State of the Art of Pension Funds" discussed the "two-pillars" system, where national pensions are integrated private retirement funds. Institutions and trade unions agree on the necessity of two integrated systems, but more information tools need to be provided to citizens. Among panelists were also Anna Deambrosis - Head of Protection of Person and saving , Reale Mutua Assicurazioni; Mauro Maré - Chairman Mefop (Pension funds development company); Lorenzo Savorelli - Head of Research & Development, Assicurazioni Generali.
"This conference is a proof of Deutsche Bank attention towards the pension system in Italy, in order to better respond to retail and institutional clients needs " - said Flavio Valeri - "Academic research, supported by the Bank since 2010 through the strategic partnership with Bocconi University, is key to develop the new pensioning system in our country".