ITALY – Italy’s regulatory authorities have given the all-clear to a new complementary industry-wide pension fund for Italy’s workers in public transport services and associated companies, Fondo Priamo.

The newly established fund has appointed Monte dei Paschi di Siena as its depositary bank, and, having received approval, will look at holding a beauty contest for fund managers within the next six to eight months, says a spokeswoman at the fund.

It is unclear how large the fund will be as yet, but the scheme currently has 24,000 members, expected to rise to over 100,000 in the next few years.

In June last year, a spokesman at Priamo estimated that the fund would grow by 30 million euros a year.

Established in 1998, the Priamo fund is one of many new industry and sector wide pension funds that have sprung up in the last five years or so in Italy as part of the country’s pensions reform. As with many of its contemporaries, the fund is designed to complement the existing insurance fund and pay-as-you-go systems.