This assembly aims to be the first in a series that will follow each time it is considered appropriate to give information on the situation of CRAIPI.
we're all votandoci thank those who have placed their trust in us and with our commitment, we will not betray her. For everyone else, we hope to conquer in the future with our work. It is true that
CRAIPI is an institution whose delegates were elected by the various representatives of trade unions in national lists Personally I claim
`s membership in the CGIL, with all its peculiarities. But this does not affect a fundamental thing: that the interests of all workers enrolled in the Fund remain the goal to preserve.
Moreover, being the only representation of delegates at Milan, we are entrusted with greater responsibility. Coming
object of the meeting.
As you have read the document circulated in recent days, June 9 was held in Rome, the first Assembly of Delegates (newly elected) in the presence of the Board (and promptly due to be renewed).
A House that has proved quite tense as a result of several instances and displayed on the work of the Board that led to (but reality is still in effect) an inspection of all documentation by the COVIP.
The monitoring report of the Study Olivieri and the presence of experts on behalf of the three main financial managers of our Fund has been the response by the RAI and the Board of Directors, which should have been used to reassure (for us and you understood) .
Indeed, the speakers were very calm and stressed, of course, the unpredictability of financial markets these days: the day before deciding to invest with all the measures and predictions of the case could not be more appropriate on the following day.
But no one here claim to have a crystal ball. We
wanted, however, express regret at a missed opportunity: the constant information of the facts, the difficulty in obtaining the documentation in paper format, to access the minutes or records of previous meetings, consultation and a more assiduous information to members of the Fund .
A demonstration that only now, after intense pressure, unlike previous years, delegates were able to get the "Financial Statements as at 31/12/2008. Obtained well in advance on the timing of the debate and its eventual resolution which will take place June 26.
We know that between you there will certainly be people who will read the budget by heart. But this is not the
purpose of our meeting.
certainly is a help to understand and extract some data. To begin the
given for excellence
the net yield of the Fund for 2008 was negative (-6.6%).
The decrease in net asset value over the previous year is just over 14 million euros compared to 203.4 million euros in value for benefits.
should be said that the decrease is, for now, only potential and become real only if you were to demobilize a large amount of investments for liquidity.
As regards the analysis of the investment portfolio, we can say that, up to 31/12/08, was composed of a 80% bond and the remaining shares. Currently (May 2009) we have a 1% residual equity. How
distribution:
- Asset Management 19.32%
- UCITS (Undertakings for investm collar mob val) IT + EU
20.84% \u200b\u200b- 38.80%
Insurance - Bonds 12.10%
IT - Other 8.94%
active members of the Fund 7947 (+307 from 2007) increased according
accession with the TFR (Law 2005)
As described in the structural characteristics of the Fund, stressing that the "availability of CRAIPI are fully employed with the rules of prudent caution."
not forget that it is a fund established by collective agreement in 1989 to ensure the highest level of prudential coverage by the provision of supplementary pensions and therefore long-term expectations.
Therefore, what we consider fundamental, is to verify aspects of balance sheet assets and accounts in order to express the proportion that the Fund must receive credit (currently growing strongly, especially for shares of the TFR).
we want to do it on a line of reasoning for the shares of anticipation.
Given the amount of contributions received amounted to little more than 21 million, the payment for the advances was 10.7 million.
The vast majority are done for different types of needs from health care costs and buy the first house (1020 to 1175).
We are saying that you need to return the trust that has been lacking in recent times, both for economic reasons, is the difficulty to deal with the bodies of CRAIPI.
is important to keep focused strictly limiting the supply to their pensions to avoid dismantling property that might be made in bad times.
Furthermore, compared to other pension funds, ours is relatively small. When it comes to investments there are, in addition to the entry and exit fees, commissions gestione.Queste latter are not fixed but please take a value if the customer is VIP. And if these are the financial mass is sufficiently fair.
certainly a consideration should be made: there should be a majority of investments with maturities and / or shorter-term horizons. This is to make more "malleable" financial liquidity and minimize the risk of ready cash in times of an exceptional nature.
Propose to make a comparison with other funds (which you can check on the public Internet to the 2008 budget approved in advance compared to ours). Our
has the characteristics of a monocomparto with features that should be considered conservative, according to the criterion of equity in defined contribution schemes, that is subject to tax in lieu of income tax to the extent of 11%.
We'll reference two funds (Budget 2008):
COMETA
Metalworkers and related
FUND CASH PLUS FUND
+ 2.37% + 3.63%
SAFETY FUND INCOME - FUND GROWTH
3.56% - 15.67%
TELEMACO
the telecommunications workers
WHITE / BLUE
GUARANTEED + 3.33% / 3.31% +
CONSERVATIVE GREEN / PRUDENT - 2, 68%
YELLOW / BALANCED - 12.17%
ORANGE / Growth - 19.38%
We can compare our Fund with those%:
CRAIPI -
6.6% max 20 min 80% equity
% bonds
Fund COMETA
max 30% equity
min 70% bonds
INCOME FUND - 3.56%
Fund TELEMACO
max 25% equities 75% bonds
min
GREEN / Cautious - 2.68%
The figures speak for themselves.
Our weakness remain on the heavy investment of insurance for many of them to enter the case in 2001 when their value was the highest.
what to do for the future?
- immediately obtain all the information regarding the Fund
including cases of conflicts of interest
- Ask a transaction transparency and clarity to members
- Soliciting Organs of CRAIPI to perform its task management and control in a responsible and honorable.
And as for the peculiar constitution of the Fund:
- the flexibility of the Fund
- Making the Fund attractive to external factors
- Increase the balance sheet with new resources
- Leaning on external management professionals
- Propose at least the establishment of the guarantee fund, a guaranteed return, at least for the TFR
While the first three points is the duty of the delegates' meeting demand it out of respect for members, the rest will go to the Board hopes that you perform an in-depth discussion.
A after June 26 for the outcome of the deliberation of the Budget 2008.
Zorzan and Mauro Giorgio
Calabria (delegates CRAIPI Milan)
