The president of Italy’s Pension Funds Supervisory Commission (COVIP), Mario Pepe, has held “urgent and in-depth” discussions with the pension fund for newspaper staff.

Pepe met with the commissioner of the Fondo Nazionale di Previdenza per i lavoratori dei giornali quotidiani (Fiorenzo Casella), following “recent news” regarding the situation of the fund.

In a statement, COVIP said the aim of the meeting was to gain a “full understanding” of current developments. The Italian regulator has urged the “swiftest possible implementation” of procedures provided for.

In March, COVIP acting president, Francesca Balzani, provided an update to the Parliamentary Commission for the Supervision of the Activities of Entities Managing Compulsory Social Security and Social Assistance Schemes on the liquidation of the scheme.

During this hearing, Balzani detailed how the decline of the print newspaper industry has negatively impacted the long-term sustainability of the scheme. He said that despite several measures taken to ensure the continuation of the scheme, they have “not been enough to bring the fund back into balance”.

“In light of the results of the analyses carried out, as well as the ongoing dialogue between the commission and the founding parties – to whom it provided all the data, information and clarifications necessary for the assessments within its remit – it immediately became clear that the continuation of the pension scheme would not ensure, in the long term, the payment of existing benefits and the restoration of the positions of active members,” she stated in March.

Therefore, in 2024, the founding parties entered into an agreement to liquidate the fund and transfer individual holdings to Fondo nazionale pensione complementare per i lavoratori delle aziende esercenti l’industria della Carta e del Cartone, delle aziende Grafiche ed Affini e delle aziende Editoriali (Fondo Byblos).

“With this agreement, the Fondo Byblos becomes the reference supplementary
pension scheme for workers in the sector currently covered by Fiorenzo Casella,
including new workers, who will be able to join on a voluntary basis, in accordance with the ordinary rules for participation in supplementary pension schemes,” the committee was told in March.

The Byblos Fund is for workers in companies operating in the paper and cardboard industry, graphic arts and related companies, and publishing companies. At the end of 2024, 33,500 individuals were enrolled in the fund, with total assets under management amounting to €1bn.

In its statement today, the Italian regulator said: “COVIP, in accordance with its institutional supervisory role, continues to monitor the situation with the utmost attention in order to protect the rights of members and ensure the proper management of the transition phases."

Another parliamentary committee hearing in relation to the fund is due to take place this Thursday, 24 July.

At the end of 2023, the Fiorenzo Casella had approximately 1,700 active members and 11,500 pensioners. There were also 3,500 silent members and 3,000 deferred members – which are members who lost their eligibility before meeting the conditions for retirement under the fund.

The fund is not for journalists, as they have their own fund - Fondo Giornalisti - but rather the editorial assistants who work with journalists on graphics, page layout, photo publishing, and administrative tasks.

European Pensions has contacted COVIP for further information regarding Fiorenzo Casella.

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