ITALY- COVIP, the Italian pensions supervisory body, has authorised the establishment of a new pension fund for employees of Italian air companies Alitalia, Alitech, Alitalia Team and Alitalia Express. The fund has been registered under the name Mercurio.

The air group already provides two supplementary pension schemes to its pilots and crew. The new Mercurio fund will be offered to managers, employees and workers who work on the ground. There are a potential 10,000 members.

A spokeswoman at the group headquarters in Rome says: “now we have been approved, we can start forming the representative committees and then set about selecting an advisor.

“After that we will move on to choosing our investment strategy and fund managers. But the process will take some time. We expect to have solid foundations in place in around seven months, but the first contributions to the fund will probably not be until next summer”,

A representative assembly of 22 members made up of employers and employees, which will be overseen by an administrative council will be formed in the coming weeks.