Meeting the TFR challenge

The reform of Italy's pension system is set to leave savings providers with new liability-driven hedging needs. In response, investment banks are preparing to benefit from an anticipated bonanza in TFR-linked hedging. By John Ferry

The Italian pension system has been in an almost constant state of reform since the early 1990s. But recent changes, allowing workers to move mandatory savings previously held on their behalf by their employer to independent pension fund providers, could present investment banks with an opportunity to supply Italian institutions with a new generation of hedging solutions.

The first hint at new opportunities came in 2004 and 2005, when the Italian government passed two pension reform laws

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here