MILANO — Data from Covip, the Pension Fund Supervisory Commission, say that at the end of 2023, the Italian supplementary pension system had 9.6 million members, 4% more than in 2022 and equal to 36.2% of the workforce. Francesca Balzani, acting president of Covip, looks at these data with optimism, observing that the system “is growing at a constant rate”.
Speaking at the event organized by A&F in Milan, Balzani he doesn’t want to hear about competition between the pension system managed by the INPS and complementary social security, because the former “is based on distribution and suffers from the demographic winter”while the second, “being capitalized, protects us from this risk”.
Furthermore, adds the president of Covip, complementary social security with collective and individual membership (second and third pillar) allows you to take advantage of equity lines in the long term which in recent years have offered better returns than the severance pay” left in the company.
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Con the first public pillar that is increasingly affected by the ticking of the demographic bombit therefore becomes important for today’s workers to use pension funds and PIPs (individual pension plans) to supplement tomorrow’s income. «No pension reform can cope with the birth rate we have» the Minister of Economy, Giancarlo Giorgetti, warned last summer.
Simone Bini Smaghi, deputy general manager of Arca Fondi Sgr, starts from these declarations to invoke «a truth operation. In 20 years what will be the imbalance between employed people who will be able to contribute to INPS and pensioners? The issue of information is fundamental.”
That’s how it is for Balzani, complementary pensions can become “an instrument of freedom” in the life phase after leaving the labor market.
According to Maurizio Binetti, chief life & savings of Axa Italia, «there is an awareness that the public pension will not be sufficient to guarantee a standard of living. We need to turn it into action, acting concretely for our own future.” For Andrea Novelli, CEO of Poste Vita, “promoting awareness of supplementary pension products is crucial to helping workers choose”.
The feeling of Nadia Vavassori, head of open pension funds at Amundi Sgr, “is that people know about complementary pensions but the culture of saving is missing.” «Italians – observes Davide Passero, CEO of Alleanza Italia – hold a lot of liquidity with a low propensity to invest in the long term. These are clear symptoms of reduced knowledge regarding savings and investments.” Yet, as the economist Tommaso Nannicini notes, this deficiency “also has repercussions on political choices, leaving room for short-term solutions.”
Among the tools chosen by the legislator to push the second and third pillars there are tax incentives, in the form of deductibility of up to 5,164.57 euros per year. The operators agree in asking that payments for dependent family members be excluded from this threshold. Balzani then proposes to combine the tax incentive with a financial bonusaimed in particular at young people.
Anna Selvaggio, general director of Fon.Te, also believes that «providing a form of semi-mandatory (supplementary pension) can guarantee homogeneous rules both to those who today have more stable incomes and to those with discontinuous careers”.
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– 2024-05-09 17:43:42
