Nearly five years ago, Italian pension schemes were reorganized (Legislative Decree No. 124/93) and subsequently modified by the general reform on pension law (Law No. 335/95). The reforms were intended to reduce state social security costs, saving resources for a pension system that would be competitive in Europe. Unfortunately they have been partially delayed in the system.
On January 27 1998, the Italian Supervisory Commission for Pension Funds (Commissione di vigilanza sui fondi pensione) issued a new regulation to tighten the procedure for licensing pension funds and for their inclusion in a special Register.
Formerly, to create a pension fund a licence was required from the Ministry of Labour, subject to the advice of the competent Supervisory Commission on Pension Funds and the opinion of the Ministry of Treasury. As of February 7 1998 the entire authorization process is handled by the Supervisory Commission. The promoters of pension funds now seek preliminary advice, submitting a descriptive table to the Supervisory Commission, which has 90 days to reply. If the fund is approved, an application is then filed with the Supervisory Board, which has 30 days to seek clarifications and issue a final approval.
For open funds, no preliminary advice on the descriptive table is required. Promoters of funds may apply directly to the Supervisory Board, which has 90 days to give authorization. The Ministry of Treasury no longer plays an active role and just needs to be informed by the Supervisory Board.