A Product of Reform
Reform of the Italian pension market is creating a large pool of defined contribution retirement assets but the annuity market is lagging behind. Life & Pensions reports on how the market is changing. Aaron Woolner reports
With a public pension system paying out 14.9% of GDP to retirees, and facing a demographic time bomb of a rapidly aging population, Italy needed to take firm action. A series of reforms launched by prime ministers, Amato, Dini and Prodi in 1992, 1995 and 1997 respectively brought into a place a notional defined contribution system which slashed the replacement rate of salary that workers could expect from the state from 80% before the first reform to as little as 30% for some participants.
The
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