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Italy Investment and Pensions
From July 2026, new private sector hires in Italy are enrolled in a second-pillar industry-wide fund, as part of wider reform of Italy’s pension system. This form of soft auto-enrolment, with room for opt-out, had already been tried by the Italian government in 2007, but with modest success in terms of increased supplementary pension coverage. The reform also allows employees to transfer their pension savings more freely, which critics argue is a gift to banks and insurers. But this measure shows the government is finally catching up to the issue of poor second-pillar coverage, in a country that relies on an increasingly unsustainable public pension system. Second-pillar assets remain a relatively small fraction of GDP, but they are growing nicely and the reform should give a welcome boost to this pool of savings. Meanwhile, pension funds are increasingly diversifying their investment strategies and increasing their participation in domestic markets, which bode well for Italy’s pension industry and the wider capital markets.
Pension Funds in Italy - Country Report
Pensions in Italy report 2026: Reforms regaining a central role
Reforms aim to boost membership in Italian pension funds while opening up the savings and investment market
TOP ITALIAN PENSION FUNDS 2026
Pension fund/entity | Assets (€’000)
- Fondazione ENPAM | 31,143,496
- Cassa Nazionale di Prev. e Assist. Forense | 26,235,070
- Inarcassa | 18,795,300
- Fondo Pensione COMETA | 16,740,409
- CNPADC | 16,138,914
- Previndai-Fondo Pensione | 16,053,155
- Fondazione Enasarco | 10,962,927
- FONCHIM | 10,000,000
- Intesa Sanpaolo SpA | 9,650,496
- Fondo Pensione FonTe | 6,648,103
©IPE Research; View the Top 1000 European Pensions Funds 2026 for a comprehensive market overview
EU challenges Italy’s tax breaks for domestic-focused savings plans
Brussels says Italy’s tax-advantaged savings rules discriminate against foreign companies and hinder cross-border investment across EU capital markets
Italian pension fund chief proposes fund to unlock domestic private markets
State-backed protection could help channel more of Italy’s €262.6bn pension savings into domestic private markets
Italian pension funds urged to put more capital to work domestically
Domestic investment remains low among Italy’s industry-wide pension funds despite calls for greater support for the economy
Enpam commits €220m to Italian venture capital and small-cap investment
Italian pension fund for doctors backs venture capital, listed SMEs and real estate while taking advantage of domestic tax incentives
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
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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EU challenges Italy’s tax breaks for domestic-focused savings plans
Brussels says Italy’s tax-advantaged savings rules discriminate against foreign companies and hinder cross-border investment across EU capital markets
Italian pension fund chief proposes fund to unlock domestic private markets
State-backed protection could help channel more of Italy’s €262.6bn pension savings into domestic private markets
Italian pension funds urged to put more capital to work domestically
Domestic investment remains low among Italy’s industry-wide pension funds despite calls for greater support for the economy
Enpam commits €220m to Italian venture capital and small-cap investment
Italian pension fund for doctors backs venture capital, listed SMEs and real estate while taking advantage of domestic tax incentives
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
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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