{"id":9183,"date":"2025-06-13T15:35:38","date_gmt":"2025-06-13T13:35:38","guid":{"rendered":"https:\/\/www.rivistaeco.com\/?p=9183"},"modified":"2025-06-13T15:35:38","modified_gmt":"2025-06-13T13:35:38","slug":"italy-is-lagging-behind-on-supplementary-pensions","status":"publish","type":"post","link":"https:\/\/www.rivistaeco.com\/en\/2025\/06\/13\/italy-is-lagging-behind-on-supplementary-pensions\/","title":{"rendered":"Italy Is Lagging Behind on Supplementary Pensions"},"content":{"rendered":"

In pay-as-you-go pension systems, it’s essential for both the economy and the population to grow so that contributions from those working are sufficient to fund pensions for retirees. This balance becomes fragile when economic and demographic growth stagnates\u2014as has happened in Italy. Beginning in the early 1990s, a long series of reforms was launched to make the system more sustainable. Supplementary pensions, which provide an additional layer to basic pensions, are one tool to help achieve this and ensure adequate retirement benefits. But how does the system work? And how should we assess it thirty years after its introduction? There are clear shortcomings that need addressing. In short, while much has been done, much more remains to be done.<\/em><\/p>\n

 <\/p>\n

Between the late 1960s and early 1970s, Italy underwent a wave of major reforms that reshaped its economy, culture, and society. One of these was the 1969 Brodolini Law, which redefined the pension system.<\/p>\n

A Failed Bet<\/strong><\/h3>\n

The law reflected the political and social context of the time: it adopted an earnings-based pension calculation (based exclusively on the final five years of wages), introduced seniority pensions based solely on contribution years rather than age, created social pensions, enabled full indexation of benefits to inflation, and replaced the capitalization system with a pay-as-you-go one\u2014where contributions from active workers fund current pensions.<\/p>\n

The reform bet on the continuation of post-war economic and demographic growth. But, as with all pay-as-you-go systems, it relied on that growth to maintain equilibrium. The bet, we now know, was lost. Italy\u2019s population began to age: the elderly dependency ratio (the ratio of those over 64 to the working-age population) has steadily increased\u2014aside from a brief drop in the mid-1980s (see figure below). Rising life expectancy and declining fertility rates have triggered what demographers, sociologists, and economists call the demographic transition. This, coupled with sluggish economic growth, has driven up pension spending\u2014and public debt.<\/p>\n

 <\/p>\n

\"\"
Note: The elderly dependency ratio is calculated as the population aged 65 and older divided by the population aged 15 to 64. Source: World Bank.<\/figcaption><\/figure>\n

 <\/p>\n

By the early 1990s, pension spending had reached 16% of GDP. This led to the \u201cAmato reform,\u201d followed by the \u201cDini reform.\u201d In this context, Legislative Decree 124 of April 21, 1993, introduced a comprehensive regulatory framework for supplementary pensions, adding a second tier to the system.<\/p>\n

From Earnings-Based to Contribution-Based<\/strong><\/h3>\n

The 1995 Dini reform preserved the pay-as-you-go structure but began a transition\u2014still incomplete\u2014to a contribution-based formula for public pensions, linking benefit amounts to actual contributions instead of final salary.<\/p>\n

Compared to the former earnings-based system, the contribution-based model aims to restore balance between contributions and benefits\u2014but typically results in lower pensions. According to calculations from Italy\u2019s State General Accounting Office, due to the introduction of this new model, the replacement rate (the ratio between the pension and final salary) for an employee is projected to drop by 16 percentage points from 2010 to 2070, from 82.7% to 66.3%.<\/p>\n

From the start, the explicit goal of supplementary pensions has been to make up the shortfall left by the public system.<\/p>\n

A Multi-Pillar System<\/strong><\/h3>\n

The introduction of supplementary pensions reshaped Italy\u2019s pension architecture. Alongside the public, mandatory, pay-as-you-go pillar, a second private, voluntary, and fully funded pillar was established.<\/p>\n

This multi-pillar model, inspired by reforms in other advanced economies, is one of the system\u2019s strengths. It enhances financial sustainability by spreading risk across both public and private sectors.<\/p>\n

The first pillar is public. The private pillar has two levels: the second pillar is collective (contractual funds, pre-existing funds, and some open funds). The third pillar is individual (open funds and PIPs\u2014personal pension plans). The distinction between these two is more nuanced in Italy than in countries where participation in the second pillar is mandatory and the third remains voluntary.<\/p>\n

More Equities in Italian Portfolios<\/strong><\/h3>\n

Capitalization is another innovation. While public pensions are pay-as-you-go, contributions to pension funds are invested in financial markets\u2014like in many other economies.<\/p>\n

In Italy, this has an added value: for many people, supplementary pensions represent their first indirect foray into financial markets, especially for less experienced investors. That\u2019s a positive sign\u2014but much remains to be done. Pension fund participation in equities remains limited.<\/p>\n

According to the most recent COVIP Annual Report (2023), out of \u20ac189 billion in pension fund assets: 28.8% is invested in equities, 38.7% is in government bonds, 21.4% is in directly held stocks (see pie chart below.)<\/p>\n

 <\/p>\n

\"\"
Note: \u201cUCITS\u201d refers to Undertakings for Collective Investment in Transferable Securities. \u201cEquities\u201d include directly held stocks. \u201cOther\u201d includes alternative investment funds, real estate, real estate equity, insurance policies, and other assets net of liabilities. Source: COVIP Annual Report 2023.<\/figcaption><\/figure>\n

 <\/p>\n

Another chart compares asset composition across OECD countries. When it comes to directly held equities\u2014the only cross-country comparable data\u2014Italy ranks in the lower-middle tier.<\/p>\n

But how much of these Italian equity investments actually stay in Italy? Not much: of the \u20ac36.6 billion invested domestically, only \u20ac1.7 billion is in stocks. This is partly due to international diversification (which is good) based on benchmarks where Italy\u2019s weight is small (due to its relatively underdeveloped capital market, which is a problem).<\/p>\n

Still, Italy accounts for a notable portion of overall investment: \u20ac27 billion of the \u20ac73 billion invested in government bonds are in Italian securities.<\/p>\n

A final point: the volume of pension fund resources channeled into the Italian economy depends on the number of subscribers and the size of contributions. Even if the investment composition stays the same, higher participation and contributions lead to more capital for the national economy.<\/p>\n

Who Are the Members of Pension Funds, and How Much Do They Contribute?<\/p>\n

\u00a0<\/strong><\/p>\n

\"\"
Note: The \u201cDebt Securities\u201d category includes government bonds and corporate bonds. The \u201cOther\u201d category includes loans, real estate, insurance policies, hedge funds, private equity funds, structured products, other mutual funds (i.e., those not invested in equities, government or corporate bonds, or cash and deposits), and other investments. Source: Pensions at a Glance 2023, OECD 2023, data from 2022 or latest available year.<\/figcaption><\/figure>\n

 <\/p>\n

Who Participates\u2014and Who Doesn\u2019t\u2014in Supplementary Pensions<\/strong><\/h3>\n

At the end of 2023, the number of members enrolled in Italian pension funds stood at 9,428,621\u2014equal to 36.9% of the labor force. This figure has been steadily rising since the late 1990s, when there were about 3 million members.<\/p>\n

Participation rates increase with age and are higher among men and in northern regions of Italy. This paints a picture in which the strongest segments of the workforce are the most likely to enroll. However, even among these workers, a significant portion (just under 30%) do not actively contribute to their pension fund.<\/p>\n

Among contributors, the average annual contribution is \u20ac2,810. But this average conceals significant differences: \u20ac1,810 per year for members aged 18\u201334; over \u20ac3,000 per year for those over 50; \u20ac3,010 per year for men; \u20ac2,540 per year for women. These disparities tend to widen with age and between northern and southern regions. In short, many workers are outside the supplementary pension system\u2014and among those who are enrolled, not everyone participates in the same way.<\/p>\n

What Can Be Done?<\/strong><\/h3>\n

To incentivize enrollment, contributions are tax-deductible up to \u20ac5,164.57\/year. Returns are taxed at 20%\u2014lower than the 26% on most other financial income.<\/p>\n

Are these incentives enough? Likely not. Tax deductibility favors those with stable incomes. For workers with irregular earnings or atypical jobs, other solutions may be needed\u2014perhaps financial incentives or tax deductions spread over multiple years.<\/p>\n

However, the broader issue is that mandatory contributions in Italy are very high: around 33% of income. If we include severance pay (TFR), which is nearly 7% and can be redirected to pension funds, the total contribution rate becomes exceptionally high\u2014unmatched among advanced economies.<\/p>\n

Figure 4 shows the relationship between first-pillar contribution rates and pension fund assets as a share of GDP across countries. The trend is clear: higher mandatory contributions correlate with smaller pension fund assets. Still, action can be taken\u2014especially on TFR regulation.<\/p>\n

 <\/p>\n

\"\"
Note: Pension fund assets measured as a share of GDP. Source: COVIP Annual Report 2023.<\/figcaption><\/figure>\n

 <\/p>\n

The TFR Issue<\/strong><\/h3>\n

TFR (severance pay) plays a key role in supplementary pensions. By law, workers can choose whether to allocate their TFR to a pension fund\u2014thus boosting retirement income\u2014or leave it with their employer.<\/p>\n

If they choose the latter, company size matters: in firms with fewer than 50 employees (most Italian businesses), the TFR remains with the company. In firms with 50+ employees, it must be paid into INPS\u2019s Treasury Fund.<\/p>\n

In smaller firms, financing needs may influence workers\u2019 decisions about fund enrollment. Regardless of the concerns around using TFR for business financing, one fact stands out: participation rates are over 90% in sectors dominated by large firms (e.g., Fonchim for chemicals, Fondoenergia for energy, Eurofer for rail and infrastructure). At the opposite end, Fonte (commerce, tourism, services) has a participation rate of just 8% (COVIP, 2022).<\/p>\n

TFR allocation rules based on firm size should be reconsidered or removed to simplify pension fund enrollment decisions.<\/p>\n

Much Done, Much Still to Do<\/strong><\/h3>\n

Supplementary pensions can help diversify and strengthen the overall retirement system, as in many advanced economies. They can boost solvency, since individual capitalization means a worker\u2019s contributions finance their own pension. This does shift part of the responsibility from the state to individuals.<\/p>\n

Still, the state remains the guarantor of the intergenerational pact at the heart of any pay-as-you-go system\u2014and it can support the development of an annuity market that still struggles to respond adequately to the profound changes brought by population aging.<\/p>\n

 <\/p>\n

Mario Padula is Full Professor of Political Economy at Ca\u2019 Foscari University of Venice. He previously served as President of the Pension Fund Supervisory Commission.<\/em><\/p>\n

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