Last year it managed to withstand the impact of the pandemic crisis. With yields in any case growing especially for negotiated pension funds and open-ended funds which, net of management costs and taxation, gained 3.1 and 2.9%, while the severance pay revalued in the same period 1.2 per cent. But our supplementary pension system has to deal with a slowdown in the growth, albeit contained, of members, which in 2020 reached 8.4 million (+ 2.2% on 2019), with still limited participation by under 35, which represent just 22.7% of the whole basin, and of women, still at 38.3%.
Without considering, then, the unknowns related to the repercussions on the world of work of the now imminent overcoming of many emergency measures adopted by the government, such as the blocking of layoffs. The president of Covip (the supervisory commission of pension funds), Mario Padula, in his “Considerations” on the annual report on the activity carried out in 2020 by the Authority, stressed that “the system as a whole has provided an answer positive to the pandemic “, adding however that” this response, which will also be monitored in the near future in light of the progressive weakening of the measures to contain the occupational fallout of the pandemic, however, contributes to the particular configuration of the supplementary pension system in Italy, which currently concerns especially the most protected and most solid segments of the labor market ».
Private pension savings of 290 billion
Under the lens of Covip, in “supervisory” format, 290 billion of pension savings ended in 2020: the most conspicuous slice, 198 billion, is attributable to pension funds, to which are added the 96 billion of pension funds. The resources accumulated by the forms of complementary pension increased by 6.7% compared to the previous year, “an amount – the report reads – equal to 12% of GDP and 4.1% of the financial assets of Italian families”.
At the end of 2020, 372 pension funds were active: 33 “negotiated”, 42 “open”, 71 individual pension plans (Pip) and 226 pre-existing funds. As is known, FondInps no longer forms part of this range of Funds, which was abolished with the contribution to the Cometa fund of the positions of members and of future severance pay flows.
33% of the workforce covered, 57% of the members in the North
There are 8.4 million people enrolled in the supplementary pension, up 2.2% (but more contained than in previous years) for a coverage rate of 33% of the total workforce. In particular, there are 3.2 million subscriptions to negotiated funds, almost 1.6 million to open funds and 3.3 million to “new” pips. Subscribers to pre-existing funds are just over 600 thousand. The appeal of supplementary pensions remains markedly more felt by men (61.7%). And also in 2020 the generation gap is confirmed with the prevalence of the intermediate classes and closer to retirement age: 51.6% of the members are aged between 35 and 54 years, 31% are at least 55 years old while the under 35s stop at 22.7%. Geographically, the North is the most sensitive to supplementary pensions, with 57% of members.