Italian complementary pension funds posted €12bn inflows in 2012

According to Italian pension funds authority Covip’s 2012 annual report, complementary pension funds posted inflows of more than €12bn last year, bringing the total assets to more than €104bn, about 6.7% of Italian GDP.

Subscriptions to all forms of complementary pension plans have grown by 5.3% for a total of 5.8 million, most of which are individual pension plans (PIPs).

According to Covip, 1.2 million subscribers have stopped paying into their accounts, 100,000 more compared to last year.

Opt-in rates account for a total of 442,000 new subscribers and 150,000 opt-outs, most of which include those workers who reached their retirement age.

Pension plans overall benefited in 2012 from the positive flow of financial markets and registered profits between 8% and 9%.

Under the Italian pension system, complementary pension funds are additional to the state pension fund and include:

  • Fondi pensione negoziali
  • Fondi pensione aperti
  • Fondi pensione preesistenti
  • PIP “nuovi”, issued before the 2005 pension reform
  • PIP “vecchi”, issued according the 2005 pension reform
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