Meeting the TFR challenge
The reform of Italy's pension system is set to leave savings providers with new liability-driven hedging needs. In response, investment banks are preparing to benefit from an anticipated bonanza in TFR-linked hedging. By John Ferry
The Italian pension system has been in an almost constant state of reform since the early 1990s. But recent changes, allowing workers to move mandatory savings previously held on their behalf by their employer to independent pension fund providers, could present investment banks with an opportunity to supply Italian institutions with a new generation of hedging solutions.
The first hint at new opportunities came in 2004 and 2005, when the Italian government passed two pension reform laws
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