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
Pensions in Italy report 2026: Reforms regaining a central role
Reforms aim to boost membership in pension funds while opening up the savings and investment market
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
Italian, German pension funds warn against compulsory SIU investment
Adepp and ABV reject mandatory pension fund allocations under European Union’s Savings and Investments Union
Covip eases life-cycle investment rules for Italy’s auto-enrolment pensions
Italian regulator lowers minimum equity allocation requirements and gives domestic pension funds more time to comply
Italian schemes diversify US equity allocations as market uncertainty persists
Managing concentration risk and capturing opportunities are reshaping Italian pension funds’ US equity strategies
COVIP chair urges deeper capital markets to unlock pension investment in Italy
‘The issue is not about mandating domestic investments; the issue is making Italy more attractive for long-term pension capital,’ says COVIP’s Mario Pepe
Italy’s Covip shifts pension fund levy to assets under management
COVIP, the Italian supervisor for the pension fund industry, is introducing a new contribution structure to fund its supervisory activities
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
Interviews
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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.
Italian, German pension funds warn against compulsory SIU investment
Adepp and ABV reject mandatory pension fund allocations under European Union’s Savings and Investments Union
IPE institutional market survey: Managers of Italian institutional assets 2026
Managers of Italian institutional assets have seen their AUM fluctuate over the past five years, most likely due to the large share of fixed-income assets, and to a lesser extent equities, held by domestic insurance companies.
Covip eases life-cycle investment rules for Italy’s auto-enrolment pensions
Italian regulator lowers minimum equity allocation requirements and gives domestic pension funds more time to comply
Italian schemes diversify US equity allocations as market uncertainty persists
Managing concentration risk and capturing opportunities are reshaping Italian pension funds’ US equity strategies
COVIP chair urges deeper capital markets to unlock pension investment in Italy
‘The issue is not about mandating domestic investments; the issue is making Italy more attractive for long-term pension capital,’ says COVIP’s Mario Pepe
Italy’s Covip shifts pension fund levy to assets under management
COVIP, the Italian supervisor for the pension fund industry, is introducing a new contribution structure to fund its supervisory activities
Vatican bank boosted by pension fund gains as net assets rise to €815m
Improved pension fund reserves and investment gains helped drive Vatican bank profitability and net assets higher
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
IPE BEST PENSION FUND IN ITALY AWARD WINNERS
- 2025 - Inarcassa
- 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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