ITALY - Italian pensions regulator Covip has named a new president to replace Lucio Francario, whose term of office has ended.
The official appointment of the new president features in the Senate’s programme for the week but the name of the candidate is not mentioned. A Covip official told IPE that Francario’s successor is Luigi Scimia, head the pension fund of Banca Nazionale del Lavoro.
Francario has left the regulator and is to return to his university career, the official said.
Bruno Mangiatordi, one of Covip’s commissioners, is acting as temporary president until Scimia takes over next month, he also said.
Banca Nazionale del Lavoro confirmed Scimia was the head of its pension fund, but declined to disclose any further information.
Six months ago Francario testified to parliament, saying industry-wide pension funds had risen five percent in 2003.
Speaking at the session attended by four committees from the lower and upper chambers, Francario said that by 2050, a retired worker would be entitled only to 48.1% of his wages, versus the 67.3% allowed to pensioners in 2000.