ITALY – The Italian pension fund supervisor COVIP has authorised the establishment of a new pension fund for Italian post offices and their subsidiaries.

‘FondoPoste’ is a supplementary pension scheme for those employed in non-executive roles by the Italian postal system and its subsidiaries, Poste Vita, Sim Poste, SDA express Courier, Postecom, BancoPosta Fondi and Postel.

The fund will have a potential membership of 160,000 employees.

Initially, FondoPoste will be a monocomparto plan, where there will be a single investment option for all employees. It is foreseen that, after three years, it will then become a multicomparto plan, where members will have more than one choice regarding the investments of their money.

COVIP is the Commissione di Viglanza sui Fondi Pensione.