Italy: Pensions and Investment News and Analysis
A main preoccupation of successive governments has been tweaks to the state pension age in particular the retirement age: political aspirations from both left and rights continually hit the buffers of fiscal reality. The current early retirement system will be phased out by the current government, unless it finds a way to replace it. Italy’s workplace occupational pension system in fact works quite well, with a moderate amount of pension assets relative to the size of the country’s economy, but including an established auto-enrolment component that has been attracting the attention of EU policymakers of late.
Pension Funds in Italy - Country Report
Italy Country Report 2024: How local pensions could support the economy
The Italian pension industry and policymakers are discussing ways to channel more pension investment towards the country’s business sector
TOP ITALIAN PENSION FUNDS 2024
Pension fund/entity | Assets (€’000)
- Fondazione ENPAM | 26,221,000
- Cassa Nazionale di Prev. e Assist. Forense | 17,855,000
- Previndai-Fondo Pensione | 14,505,681
- Fondo Pensione COMETA | 13,894,503
- Inarcassa | 13,433,000
©IPE Research; View the Top 1000 European Pensions Funds 2024 for a comprehensive market overview
Italian pension funds look to expand voting, engagement next year
Assofondipensione’s goal is to also be able to vote in companies in the US and Canada
Fondo Espero picks Eurizon to run new ‘Dinamico’ sub-fund
The pension fund has set up the new ‘Dinamico’ option for riskier investments, in addition to a life cycle investment option
Fondenergia picks UBS AM to invest sub-funds assets
Credit Suisse Italy is replaced by UBS AM in Garantito’ sub-fund and government bonds (excl euro) in its ‘Bilanciato’ sub-fund
Italian schemes team up for public equity investment to bolster domestic economy
The pension fund quartet is creating a consortium for public equity allocations to benefit from tax breaks at mandate level
Italy’s pension fund for notaries ponders first move into private debt
Cassa Nazionale del Notariato currently has 3-4% invested in private equity and infrastructure funds
TOP MANAGERS: ITALIAN INSTITUTIONAL ASSETS
Company | Assets (€m)
- Generali Investments | 204,903*
- Eurizon Asset Management | 180,054
- Anima Holding | 136,113
- Amundi | 64,824
- AXA Investment Managers | 35,666**
- Allianz Global Investors | 30,498***
- BlackRock | 21,920
- Morgan Stanley Investment Management | 16,747***
- Fondaco | 12,593***
- BNP Paribas Asset Management | 10,717
As at 31.3.24, *29.04.24, **29.12.23, ***31/12/23
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IPE BEST PENSION FUND IN ITALY AWARD WINNERS
- 2023 - Cassa Nazionale del Notariato | Fondo Pensioni Del Personale Gruppo BNL/BNP Paribas Italia
- 2022 - Fondo Pensione Nazionale BCC/CRA
- 2021 - Fondo Pensione Nazionale BCC/CRA | PrevAer
- 2020 - Fondoposte
- 2019 - Fondo Pensione Laborfonds
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Italy needs a serious debate about pensions
Italian policymakers are bent on indulging the relatively small but influential minority of Italians that is nearing retirement, but lament that the statutory retirement age of 67 is too high. The reform efforts of past years have been towards reducing the retirement age or increasing flexibility in retirement. The resources employed towards supporting second-pillar pensions have been next to none.
Italian pension funds look to expand voting, engagement next year
Assofondipensione’s goal is to also be able to vote in companies in the US and Canada
Fondo Espero picks Eurizon to run new ‘Dinamico’ sub-fund
The pension fund has set up the new ‘Dinamico’ option for riskier investments, in addition to a life cycle investment option
Fondenergia picks UBS AM to invest sub-funds assets
Credit Suisse Italy is replaced by UBS AM in Garantito’ sub-fund and government bonds (excl euro) in its ‘Bilanciato’ sub-fund
Italian schemes team up for public equity investment to bolster domestic economy
The pension fund quartet is creating a consortium for public equity allocations to benefit from tax breaks at mandate level
Italy’s pension fund for notaries ponders first move into private debt
Cassa Nazionale del Notariato currently has 3-4% invested in private equity and infrastructure funds
Private equity remains a key building block for pension schemes
While allocations vary, pension funds value solid returns and private equity’s role as a diversifier. Funds use PE to gain both domestic and international exposure.
The pensions reform promises of Europe's far-right political parties
The rise of far-right parties has bolstered support for European welfare state systems, but radical right-wing policymakers face difficult choices
AUM of Italy’s first pillar schemes shoots up by 10%
Over the last 10 years, the AUM volume of Italian pension schemes has grown by €48.4bn, according to Covip
Italian pension funds’ ESG policies on right path, but shortfalls emerge
Research shows that 60.17% of schemes have drafted an ESG investment policy, as of this year, up from 37.50% in 2019
Inarcassa to boost alternatives with €900m investment
The boost represents an increase of 6.3% compared to the current allocation level
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