The new rules announced by the Italian authorities on Tuesday are meant to improve the lives of people with pension funds.
The new regulations aim to make sure that those who have worked for a certain amount of time will not be able to get a pension even if they die, the European Commission said.
They are also meant to prevent the exploitation of pensioners by the financial services companies, as the new regulations require them to inform the supervisory authorities (SAs) and the authorities in their jurisdiction of the pension status of their clients.
This means that those with a pension that is higher than the minimum level of contributions required will be able receive it, but the new laws will also require that the SAs of the financial sector will report the pension contributions to the superannuation fund.
“These are important measures because, even in the absence of the new pension laws, the old system could be exploited to benefit financial services,” said Federica Cardona, the head of the group for the financial sectors, in a press conference.
She added that “if a pensioner does not want to pay for his or her pension, the financial service provider can force the pensioner to do so, which is not acceptable.”
The new rules are meant for financial services company pension funds in Italy, with the most significant ones being in the sector of pensions, insurance and retirement funds.
These companies account for about one-third of the overall Italian economy and account for more than half of all pensions in the country.
Under the new legislation, people with less than €10,000 in the retirement savings will be required to contribute 10 percent of their monthly income towards the pension, which will then be shared between the retirement fund and the employer.
The retirement savings fund will be expected to contribute 20 percent of the monthly pension to the retirement account.
The legislation will also be applied to other companies in the same sector, and it will be mandatory for the super fund manager of these companies to report any pension contributions received by his or their employees.
The superannuations of these entities will be subject to certain conditions.
First, all pension funds will be obliged to inform supervisory authority in their territory of the existence of the superfund account.
Second, the super-annuation funds of the employees of the company that controls the retirement accounts of the members will be made responsible for the payment of the contributions to such accounts.
Third, the pension funds of these financial institutions will have to inform supervisors in the region of their supervision of their employees, and they will be liable for any breaches of supervision.
The rules apply to companies which manage a certain number of financial institutions, with more than 10 institutions participating.
The measures will come into force in 2021.
The Italian government said that the new reforms will help save money by making it easier for companies to save money, while ensuring that financial services are properly regulated.
In a statement, Finance Minister Francesco Panizzaro said that “this new law will improve the life of millions of Italians and create a new generation of super-savvy workers.”
“It will also increase the productivity of the Italian economy,” he added.
The European Commission will publish the draft legislation later on Tuesday.