'Greater efficiency in pension fund investments'
Economics Undersecretary Federico Freni explains the new features of the decree with guidelines for regulations
3' min read
3' min read
The decree laying down guidelines for the preparation by the professional pension funds of ad hoc regulations on investments is in the home straight. Managing to bring home a regulation envisaged by a 2011 law (Law no. 111, converting Decree Law no. 98/2011) is Economy Undersecretary Federico Freni, who has been working on it since 2021.
Mr Freni what is the aim of this regulation?
After 14 years of unacceptable silence, the time has come tovalue the role that pension funds have within ourinvestment system. For too long, some people have thought of them as big, reckless charlatans intent on squandering members' contributions. The new regulation puts in black and white that the Casses have been and will be serious and reliable investors. No one denies the difficulties, linked to the erosion of the underlyings of some professions, but their role as a pillar of the real economy is beyond question. Now is the time to go a step further: each Cassa will have to equip itself with regulations adhering to the new framework, adapted to the specificities of each institution.
Doesn't this decree reduce the autonomy of the authorities, since it does not only provide guidelines but also sets stakes?
Far from it. It is a way of safeguarding the autonomy of the funds, within a general framework inspired by principles of balance and common sense. The State, as is right and proper, supports and accompaniesinstitutional investors who bet on our country. No stakes, therefore, rather a series of precautions to be taken in advance in order to better focus the use of their assets.
