Cassa Dottori Commercialisti (CDC), the €11.5bn Italian first-pillar scheme for chartered accountants, plans to invest  €1.1bn in 2025 in equities, bonds, and alternatives, the scheme said in a statement.

The scheme will invest 72.4% of the €1.1bn planned for next year in bonds, 4.5% in equities, and 23.1% in illiquid alternatives, including real estate, it added.

CDC will allocate a share of the total amount of the new round of investments to the Italian market, within the boundaries defined by its strategic asset allocation, and consistent with established risk and return goals.

The scheme will invest to support Italy’s real economy keeping in mind the 20% limit of total invested assets, and the share of assets that can be invested under strategies such as liability-driven investments and ‘monetary and other’ asset classes, it added.

“One of the most important challenges for our pension fund is to increasingly support young members through initiatives promoting professional growth. With this in mind, we have also defined an asset allocation strategy tailored to the Italian market,” said president Ferdinando Boccia.

CDC hopes the government will decide to cut taxes on returns of first pillar pension schemes from the current 26% to 20%, he noted.

CDC invests 37% of its total assets in fixed income, 19% in equities, 27% in alternatives and 17% in cash, and as a legal requirement around €3.6bn is allocated specifically in Italian investments through ‘Sistema Italia’, which includes Italian Treasury bonds, and Italian private equity, private debt and infrastructure funds.

Asset managers invest one part of the assets through Undertakings for Collective Investment in Transferable Securities Directive (UCITS), and another part is invested directly by the scheme in financial instruments and real estate.

The pension scheme announced last week it is expecting a surplus of over €715m. It has also reviewed its budget for 2024, expecting a surplus of €834m, a net increase of 18.1% compared to April’x outlook. The scheme will divert the surplus to top up reserves, it said.

This year the number of scheme members will amount to 75,007, a 1.1% increase compared to the April forecast. CDC plans to invest €36.5m to strengthen welfare policies for its members.

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Luigi is IPE's Berlin-based DACH correspondent. His coverage includes regulation and the latest pensions and investments trends, and, being a native Italian, he also covers Italy’s pensions market. He has reported from Italy and Germany on international politics and business for European and US publications including USA Today, Bloomberg BNA and for the investigative magazine L’Espresso. He was previously Germany correspondent for Mergermarket covering M&A.View full Profile

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