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Sign in Sign up for a FREE subscriptionItalian pension funds combine to create €12b scheme
The Intesa Sanpaolo Group, one of the top banking groups in Europe and a leader in Italy, has signed an agreement with Italian bank trade unions Fabi, First Cisl, Fisac Cgil, Uilca and Unisin to establish a single, large pension fund that will manage approximåately €12 billion ($13 billion) in assets.
This integrates the Cariplo Fund into the Intesa Sanpaolo Pension Fund, culminating in more than 130,000 members, according to The Autonomous Federation of Banking Workers (Federazione Autonoma dei Bancari Italiani), or FABI.
The new entity will be organized into two sections: One will operate under a defined contribution regime, and the other under a defined benefit regime. The new fund also will include the current defined benefit pension fund of Intesa Sanpaolo.
FABI said the integration will take place through collective transfer, with conclusion scheduled for Jan. 1, 2027.
“This is an important agreement along the way that will lead to the in