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
Italian pension fund tenders €100m domestic listed SMEs mandate
CDC aims to generate long-term value, support domestic economic growth and reinforce the capitalisation of Italian companies
Italy launches new auto-enrolment regime
Move intended to boost pension fund membership
Italian pension funds double down on domestic private markets
First and second pillar pension funds are increasingly backing domestic SMEs, infrastructure, and venture capital to boost strategic returns
Demographics and labour shifts strain Italy’s first-pillar pension funds
Italy’s first-pillar pension funds face mounting pressure from ageing demographics, falling membership and labour market shifts
Italian pension funds fight employer contribution portability
Italian pension funds warn budget law portability plans could weaken collective schemes and erode workers’ retirement outcomes
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 pension fund tenders €100m domestic listed SMEs mandate
CDC aims to generate long-term value, support domestic economic growth and reinforce the capitalisation of Italian companies
Italy launches new auto-enrolment regime
Move intended to boost pension fund membership
Italian pension funds double down on domestic private markets
First and second pillar pension funds are increasingly backing domestic SMEs, infrastructure, and venture capital to boost strategic returns
Demographics and labour shifts strain Italy’s first-pillar pension funds
Italy’s first-pillar pension funds face mounting pressure from ageing demographics, falling membership and labour market shifts
Italian pension funds fight employer contribution portability
Italian pension funds warn budget law portability plans could weaken collective schemes and erode workers’ retirement outcomes
Italian pension fund moves €2.16bn to Luxembourg platform in new strategy
The overhaul coincides with the rollout of BCC CRA’s 2025–27 strategic asset allocation for its three sub-funds
Small but perfectly formed: Italy’s €1.6bn Fondo Pensione Pegaso
The pension fund for Italian utility workers taps into private market expertise to broaden its investment horizons and boost returns
Italian pension funds reassess market risks while redrafting strategies
Italian Casse rethink allocations, expand private markets and deepen domestic exposure despite mounting macro risks and constraints
Enpam eyes bigger bets on asset managers Nextalia and Green Arrow
Italy’s largest doctors’ pension fund explores increasing holdings in private equity and alternative managers
Italy’s pension funds deepen private markets drive amid search for diversification
Several Italian pension schemes are expanding allocations to private markets to boost diversification and returns
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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