But they said they planned to wait until after the reforms had come into effect before adjusting their asset allocations. Alessandro Stori, general manager at Fondenergia, said: "The fact the Italian government is seeking to increase by at least four years the minimum legal retirement age in future means the substitution rate would fall significantly. Our aim is to maintain that substitution rate at around 100 per cent. As early as January 2012, we will then analyse the effect of the first-pillar reform on this substitution rate and see what asset allocation strategy can be implemented."
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