Italy Investment and Pensions
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 2025: Pension funds step out of their comfort zone, diversify portfolios
While maintaining a domestic bias, Italian institutions are venturing into new asset classes to further diversify their portfolios
TOP ITALIAN PENSION FUNDS 2025
Pension fund/entity | Assets (€’000)
- Fondazione ENPAM | 27,932,000
- Cassa Nazionale di Prev. e Assist. Forense | 20,361,000
- Fondo Pensione COMETA | 15,246,000
- Previndai-Fondo Pensione | 15,240,000
- Inarcassa | 15,081,000
©IPE Research; View the Top 1000 European Pensions Funds 2025 for a comprehensive market overview
In-house teams expand as Italian pension funds deepen alternatives exposure
Italian pension funds expand internal private markets teams as allocations rise and governance demands intensify
Italy’s pension fund regulator rebuked for ‘overly prescriptive’ investment rules
Italian pension experts warn Covip’s proposed auto-enrolment investment rules risk limiting board autonomy and flexibility
Inarcassa pulls €500m from US equities in portfolio rebalancing
Italian pension funds see Q1 volatility weigh down returns, with sub-funds for Cometa and Pegaso returning negatively
Consortia drive Italian pension funds’ access to private markets
Italian pension funds expand consortia model, boosting scale, cutting costs and deepening private markets exposure
Portability reform sparks backlash from Italian funds
Italian pension funds oppose portability reform, warning of risks to private markets investment and domestic economic support
TOP MANAGERS: ITALIAN INSTITUTIONAL ASSETS
Company | Assets (€m)
- Generali Investments | 203,791
- Eurizon Asset Management | 183,407
- Anima Group | 139,706
- Amundi | 50,658
- Allianz Global Investors | 33,274*
- BlackRock | 21,987
- Natixis Investment Managers | 18,520
- Ostrum Asset Management | 17,825*
- Morgan Stanley Investment Management | 17,812*
- Fondaco | 13,037*
As at 31.3.25, *31.12.24
©IPE Research; Sign up to IPE Profesional to see all the data in the latest country report
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Italians must raise awareness about second-pillar pensions
Giorgia Meloni’s government has failed to revitalise the Italian second-pillar pension system. But credit to the pragmatic right-winger who in 2022 became Italy’s first female head of government – at least she tried.
In-house teams expand as Italian pension funds deepen alternatives exposure
Italian pension funds expand internal private markets teams as allocations rise and governance demands intensify
Italy’s pension fund regulator rebuked for ‘overly prescriptive’ investment rules
Italian pension experts warn Covip’s proposed auto-enrolment investment rules risk limiting board autonomy and flexibility
Inarcassa pulls €500m from US equities in portfolio rebalancing
Italian pension funds see Q1 volatility weigh down returns, with sub-funds for Cometa and Pegaso returning negatively
Consortia drive Italian pension funds’ access to private markets
Italian pension funds expand consortia model, boosting scale, cutting costs and deepening private markets exposure
Portability reform sparks backlash from Italian funds
Italian pension funds oppose portability reform, warning of risks to private markets investment and domestic economic support
First pillar pension funds exempted from Italy’s out-of-court dispute framework
Italy excludes professional first pillar pension schemes from new Covip-led out-of-court dispute mechanism
Italy’s Fondo Telemaco picks manager for private debt expansion
The strategy will be focussed on SMEs and mid-caps
Italy court blocks state levy on pension funds for professionals
Italy’s constitutional court rules mandatory pension fund transfers unlawful, citing risks to long-term stability
Italian doctors’ fund eyes €120m SME push through National Strategic Fund
Enpam tenders €120m domestic equity mandate via Fondo Nazionale Strategico Indiretto to support Italian SMEs and market liquidity
Italy’s pension regulator expands oversight powers
Covip gains sweeping oversight of Italy’s €3.2bn supplementary healthcare funds covering 16 million workers nationwide
IPE BEST PENSION FUND IN ITALY AWARD WINNERS
- 2024 - Fondoposte
- 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
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