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COVIP - Commissione di vigilanza sui fondi pensione - was established in 1993 (Legislative Decree 124/1993) as the National Authority responsible for the supervision of the supplementary pension system.
Legislative Decree 252/2005 contains the current regulation of supplementary pension schemes and COVIP’s powers. COVIP is tasked with the supervision of the sound and prudent management of supplementary pension schemes and of their transparency and fairness towards potential members, members and beneficiaries, with the aim of ensuring their adequate protection and the proper functioning of the supplementary pensions’ system.
Since 2011, COVIP is also in charge of the supervision of the financial investments of the private institutions foreseen in Legislative Decrees 509/1994 and 103/1996, that in the website are also referred to as “Casse professionali” (regulated by Decree Law 98/2011 as converted, after amendment, into Law 111/2011), that deal with compulsory pension schemes of specific professional groups.
COVIP’s offices are located in Piazza Augusto Imperatore no. 27, Rome.
The Governing Body of COVIP is composed of a Chairperson and two Commissioners, chosen among individuals of undisputed morality and independence, as well as high professional qualifications in the sector. They are appointed by Decree of the President of the Italian Republic, upon proposal of the Minister of labour and social policies, in agreement with the Minister of economy and finance.
The members remain in office for a seven-year non-renewable term (Decree Law 244/2016 as converted, after amendment, into Law 19/2017).
The Chairperson is COVIP’s legal representative. His/Her responsibilities include: chairing the meetings of the Governing Body; overseeing the implementation of resolutions; handling the relations with governmental bodies, the Parliament and other national and international Institutions. He/She informs the Minister of labour and social policies on the most important acts and events.
The Commissioners participate in the discussions and deliberations, submit proposals on the activity and organization of the Authority and represent COVIP in specific circumstances (upon resolution of the Governing Body).
The Governing Body is currently composed as follows:
ORGANIZATION
COVIP adopts regulations - which are subject to a verification of lawfulness by the supervising Ministries (i.e. Ministry of labour and social policies and Ministry of economy and finance) – governing its internal organization, functioning, administration and accounting (as well as the legal and economic treatment of its personnel).
The Authority is structured in Services and Offices coordinated by the General Director who reports directly to the Governing Body.
COVIP’s General Director is currently:
Supplementary pension schemes. COVIP oversees the correct development of the supplementary pension system.
The Authority authorizes pension funds to operate and records them in a dedicated register (“Albo dei fondi pensione”). In addition, it approves regulations and by-laws of pension funds, supervises their activities, ensures their compliance with legal requirements and carries out inspections at pension fund premises; it may also apply sanctions in the event of breaches of the law.
COVIP adopts regulations for the implementation of the laws on pension schemes and sets rules related to their management; it may also propose changes to the supplementary pensions’ legislation.
“Casse professionali”. As far as “Casse professionali” are concerned, COVIP supervisory tasks are limited to the financial management of these entities and the composition of their assets, also carrying out onsite inspections and requesting any document considered relevant. In this context, the Authority supports the supervising Ministries (i.e. labour and social policies and economy and finance) reporting to them on the results of the assessments performed. COVIP is also consulted in relation to the definition – with the adoption of a Decree of the Ministry of labour and social policies together with the Ministry of economy and finance – of the technical balance sheet criteria of “Casse Professionali” or in case of designation of a Special Commissioner tasked with the adoption of the provisions aimed at the rebalancing of “Casse Professionali”.
Pension and financial education. COVIP also has the task of disseminating information aimed at improving the knowledge on retirement matters (this activity is carried out mainly through its website, where guides, information sheets and the annual Reports of the Authority are published). COVIP is also a member of the Comitato per la programmazione e il coordinamento delle attività di educazione finanziaria (Committee for the planning and coordination of financial education activities). The Committee is composed of representatives of Ministries (economy and finance, education, university and research, labour and social policies, economic development), supervisory Authorities (Bank of Italy, IVASS, Consob and COVIP), the Supervisory Body of Financial Advisors (OCF) and the National Council of Consumers and Users (CNCU).
Cooperation with other national and international supervisory Authorities and Institutions. On a national level, COVIP cooperates with IVASS, Bank of Italy and Consob, also through the exchange of information (aimed at facilitating their respective supervisory activities). The Authority also cooperates with the Italian Antitrust Authority.
With reference to international relationships, COVIP cooperates with all the Institutions and Authorities involved in the field of supplementary pensions, also through information exchanges (aimed at facilitating their respective supervisory activities).In particular, at European level, it participates in all activities of EIOPA (European insurance and Occupational Pensions Authority) and ESRB (European Systemic Risk Board). In addition, it participates in the activities of OECD (Organisation for Economic Co-operation and Development), IOPS (International Organization of Pension Supervisors) and INFE (International Network on Financial Education) in relation to pension matters. Furthermore, COVIP is part of expert groups set up within the Council of the EU that contribute to the drafting of the European legislation pertaining to supplementary pensions and provides statistical information to EUROSTAT and ECB (European Central Bank).