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Italy to outsource external pension payments

The Rome-based Istituto Nazionale della Previdenza Sociale (INPS) is looking for banks or similar bodies to handle the payment of pension benefits to those outside Italy in an outsourcing initiative.

The outsourcing contracts are divided over a number of country-blocks, the first covering pensioners living in France, Monaco and Belgium, with payments amoun-ting to L9.77bn ($5.8m). For the other European countries, payments will come to L9.59bn.

Payments to those in Can-ada will come to L8.11bn and in the US and Latin America to L8.52bn, though this excludes Argentina and Uru-guay, which form a separate group with L9.88bn of payments. Those based in the other continents receive a grand total of L7.3bn.

Italian and other approved EU-banks and credit bodies are eligible to participate in the contracts, which run for five years from August this year. Banks, which can group together for particular contracts, must show that they can meet certain financial and operational criteria.

INPS says that the criteria for awarding the contracts for each group will be economically the most advantageous", including price and the time element in payments."

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