PROVA ORALE I3PE N. 1

(1)

PROVA ORALE I3PE N. 1

(i) Durata media finanziaria e duration modified di un titolo obbligazionario (ii) Il teorema di Modigliani-Miller sulla struttura finanziaria delle imprese

(iii) I compiti di controllo della COVIP con riguardo alla gestione delle risorse dei fondi pensione e delle casse di previdenza (enti di cui al D. lgs. 509/1994 e D. lgs.

103/1996)

(iv) COVID-19 has dealt an unprecedented shock to the labour markets and pension arrangements across the world. Policy makers have acted swiftly to address many of the ensuing challenges.

Many countries have extended job retention schemes and unemployment benefits, allowing workers to keep accruing entitlements in public pension schemes and, to some extent, in retirement savings arrangements.

Similarly, governments took a range of regulatory measures to ensure the sustainability of retirement savings arrangements, such as flexibility around recovery plans, as well as communication campaigns to encourage people to maintain their investments in retirement portfolios to avoid selling and materialising value losses, and to raise awareness of scams, which COVID-19 may have exacerbated.

(v) Data la tabella, il candidato proceda al calcolo della ripartizione percentuale del Totale Risorse D.P. del 2020 per forma pensionistica.

La previdenza complementare in Italia. Risorse destinate alle prestazioni (dati di fine periodo; importi in milioni di euro)

2016 2017 2018 2019 2020

Fondi pensione negoziali 45.931 49.456 50.410 56.136 60.368

Fondi pensione aperti 17.092 19.145 19.624 22.844 25.373

Fondi pensione preesistenti 57.538 58.996 59.790 63.831 66.111

PIP “nuovi” 23.711 27.644 30.704 35.478 39.059

PIP “vecchi” 6.931 6.978 6.626 7.064 7.009

Totale Risorse D.P. 151.278 162.299 167.236 185.439 197.919

(2)

PROVA ORALE I3PE N. 2

(i) SGR, Fondo comune di investimento e SICAV: principali caratteristiche (ii) Il modello Arbitrage Pricing Theory (APT)

(iii) La COVIP e la tutela della trasparenza nell'ambito della raccolta delle adesioni e dell'informativa periodica agli iscritti ai fondi pensione

(iv) Population ageing, with longer lives to finance in retirement and smaller cohorts entering the labour market, as well as a low economic and wage growth environment, low returns in traditional asset classes and low interest rates, were already weighing heavily on funded and pay-as-you-go, defined benefit and defined contribution, and private and public retirement provisions.

COVID-19 compounds some of these challenges and adds new ones. In addition to the likelihood that economic growth, interest rates and returns will remain low long into the future, the health and economic crisis is increasing the risk that people may be unable to save enough for retirement.

(v) Data la tabella, il candidato proceda a creare un grafico a istogrammi che riporta la serie storica 2016-2020 delle Risorse D.P. per forma pensionistica.

2016 2017 2018 2019 2020

PIP “nuovi” 23.711 27.644 30.704 35.478 39.059

PIP “vecchi” 6.931 6.978 6.626 7.064 7.009

(3)

PROVA ORALE I3PE N. 3

(i) Principali multipli di mercato per i titoli di capitale (ii) Il Value-at-Risk (VAR)

(iii) Le funzioni di vigilanza della COVIP con riguardo alle diverse tipologie di fondi pensione (negoziali, aperti, PIP, preesistenti)

(iv) The sustainability and resilience of retirement savings arrangements depend largely on their role in complementing retirement income and its adequacy. Assessing their complementary role for adequacy requires a clear framework that would benefit from an open and transparent discussion on the role of governments, policy makers and regulators in establishing the objectives of these arrangements.

Regularly assessing the impact of different policies on retirement income adequacy, using appropriate indicators, targets and thoroughly evaluating any shortfalls will also be necessary.

The sustainability and adequacy of pension systems includes making sure that workers in non-standard forms of work have the opportunity to save for retirement.

(v) Data la tabella, il candidato proceda al calcolo della media annua semplice di crescita del Totale Risorse D.P. nel periodo 2016-2020.

2016 2017 2018 2019 2020

PIP “nuovi” 23.711 27.644 30.704 35.478 39.059

PIP “vecchi” 6.931 6.978 6.626 7.064 7.009

(4)

PROVA ORALE I3PE N. 4

(i) Le diverse tipologie di titoli di debito emessi dalla Repubblica italiana (ii) I modelli per la determinazione del prezzo delle opzioni

(iii) I compiti di regolamentazione della COVIP in materia di previdenza complementare

(iv) The Organization for Economic Co-operation and Development is currently revisiting the OECD Roadmap for the Good Design of Defined Contribution Pension Plans to update its guidelines.

These arrangements provide people with choice. They can for example, choose their preferred investment strategy for placing their retirement savings. However, when designing investment strategies, policy makers need to account for the fact that some people may be unable or unwilling to make choices, and select default investment strategies that protect them.

Policy makers also need to establish a solid regulatory framework that ensures that people who change their investment strategies and pension funds are not negatively impacted with respect to their future retirement income. The regulation of financial advice can also be a means to ensure that any change in investment strategies is in their best interest.

(v) Data la tabella, il candidato proceda al calcolo della variazione percentuale delle Risorse D.P. nel periodo 2016-2020 per forma pensionistica.

2016 2017 2018 2019 2020

PIP “nuovi” 23.711 27.644 30.704 35.478 39.059

PIP “vecchi” 6.931 6.978 6.626 7.064 7.009

(5)

PROVA ORALE I3PE N. 5

(i) Contratti futures e contratti di opzione: caratteristiche, differenze e modalità di impiego

(ii) I principali approcci di attribuzione delle performance

(iii) Le funzioni di vigilanza della COVIP con riguardo ai fondi pensione a contribuzione definita e ai fondi pensione a prestazione definita, tenuto conto delle loro caratteristiche e differenze

(iv) Policy makers can promote the use of assets earmarked for retirement to support the economy, while ensuring that these investments are in the best interest of members.

Policy makers should have clear adequacy objectives and define what they intend for retirement income systems to achieve. They need to calculate adequacy indicators by projecting future retirement incomes that account for real-world uncertainty. Comparing indicators to targets helps determine whether individuals are meeting adequacy standards and the extent of any shortfalls. Suitable targets are those that are impartial, based on evidence relevant to a particular jurisdiction, and tailored to different types of individuals.

(v) Data la tabella, il candidato proceda a creare un grafico a linee che riporta la serie storica 2016-2020 delle Risorse D.P. per forma pensionistica.

2016 2017 2018 2019 2020

PIP “nuovi” 23.711 27.644 30.704 35.478 39.059

PIP “vecchi” 6.931 6.978 6.626 7.064 7.009

(6)

PROVA ORALE I3PE N. 6

(i) La struttura per scadenze dei tassi di interesse (ii) Il concetto di immunizzazione di un portafoglio

(iii) Il ruolo della COVIP nell'ambito della complessiva azione di vigilanza pubblica sulle casse di previdenza (enti di cui al D. lgs. 509/1994 e D. lgs. 103/1996)

(iv) Non-standard workers represent a very diverse population, including part-time and temporary employees, self-employed workers and informal workers.

They tend to build up lower retirement income because they have more limited access to public and private retirement schemes. Policy makers need to align the regulatory framework with the Organization for Economic Co-operation and Development Core Principles of Private Pension Regulation by ensuring non- discriminatory access to retirement savings plans, minimising vesting periods and facilitating the portability of pension rights and assets.

Options to encourage non-standard workers to join retirement savings plans include applying the same enrolment rules as for full-time permanent employees;

facilitating access to retirement savings plans in the workplace; and offering dedicated retirement savings products.

(v) Data la tabella, il candidato proceda al calcolo della media annua semplice di crescita delle Risorse D.P. dei fondi negoziali nel periodo 2016-2020.

2016 2017 2018 2019 2020

PIP “nuovi” 23.711 27.644 30.704 35.478 39.059

PIP “vecchi” 6.931 6.978 6.626 7.064 7.009

(7)

PROVA ORALE I3PE N. 7

(i) Rischio specifico e rischio sistematico (ii) La leva finanziaria

(iii) Le principali caratteristiche della previdenza complementare in Italia, con particolare riguardo ai principi della volontarietà dell'adesione, della contribuzione definita e della capitalizzazione individuale e le conseguenti modalità di esercizio delle funzioni di vigilanza della COVIP

(iv) People often have significant flexibility in deciding how to invest their retirement savings in defined contribution plans, and, under certain conditions, change their decision over time and transfer their accumulated retirement savings to different investment strategies or providers. This allows individuals to invest according to their own risk tolerance and investment horizon. People may look for external advice to help them make investment decisions.

Frequent trading typically results in worse investment outcomes. The possibility of frequent and large volume trading leads pension providers to hold more liquidity, preventing them from taking a long-term view, foregoing higher potential term and liquidity premiums. Frequent trading in high volumes can destabilise the market by affecting asset prices over the short term and increasing volatility.

(v) Data la tabella, il candidato proceda al calcolo della media annua semplice di crescita delle Risorse D.P. dei fondi aperti nel periodo 2016-2020.

La previdenza complementare in Italia. Risorse destinate alle prestazioni (dati di fine periodo; importi in milioni di

euro)

2016 2017 2018 2019 2020

Fondi pensione negoziali 45.931 49.456 50.410 56.136 60.368 Fondi pensione aperti 17.092 19.145 19.624 22.844 25.373 Fondi pensione preesistenti 57.538 58.996 59.790 63.831 66.111

PIP “nuovi” 23.711 27.644 30.704 35.478 39.059

PIP “vecchi” 6.931 6.978 6.626 7.064 7.009

(8)

PROVA ORALE I3PE N. 8

(i) L'efficienza del mercato finanziario

(ii) Le principali misure di performance nell’analisi dei risultati di un portafoglio

(iii) Gestione diretta e indiretta delle risorse da parte dei fondi pensione e delle casse di previdenza (enti di cui al D. lgs. 509/1994 e D. lgs. 103/1996) e le relative funzioni di controllo della COVIP

(iv) Population ageing is accelerating in Organization for Economic Co-operation and Development countries. Over the last 40 years the number of people older than 65 years per 100 people of working age (20-64 years) increased from 20 to 31.

By 2060, it will likely have almost doubled to 58. In particular, population ageing is expected to be very fast in Greece, Korea, Poland, Portugal, the Slovak Republic, Slovenia and Spain, while Japan and Italy will remain among the countries with the oldest populations.

Rapid ageing puts continuous pressure on pension systems. The legacy of the great financial crisis leaves many countries with high public debt and therefore limited room for manoeuvre. In addition, risks of increasing old-age inequality, the development of non-standards forms of work and the low-growth and low-interest- rate environment present new challenges for already stretched pension systems.

Low interest rates actually generate both new challenges and opportunities.

(v) Data la tabella, il candidato proceda a creare un grafico a torta che riporta la ripartizione percentuale del Totale Risorse D.P. del 2020 per forma pensionistica.

La previdenza complementare in Italia. Risorse destinate alle prestazioni (dati di fine periodo; importi in milioni di

euro)

2016 2017 2018 2019 2020

Fondi pensione negoziali 45.931 49.456 50.410 56.136 60.368 Fondi pensione aperti 17.092 19.145 19.624 22.844 25.373 Fondi pensione preesistenti 57.538 58.996 59.790 63.831 66.111

PIP “nuovi” 23.711 27.644 30.704 35.478 39.059

PIP “vecchi” 6.931 6.978 6.626 7.064 7.009