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 schemes shift to domestic equities in US pullback
Italian pension funds boost domestic and emerging market exposure while trimming US tech and Treasuries
Aerospace, cyber venture capital test Italy’s pension framework
Italian pension funds increase venture capital bets in aerospace and cybersecurity, urging clearer rules and larger funding rounds
Vatican bank unveils Morningstar indices aligned with Catholic ethical rules
Istituto per le Opere di Religione and Morningstar launch eurozone and US equity benchmarks, screening companies by Catholic ethical standards
Private markets underpin Italian pension funds’ resilient returns
Italian pension funds’ private equity and debt investments delivered steady returns despite global market turbulence
Italy’s pension shake-up raises stakes for multinational employers
Auto-enrolment and contribution portability force multinational employers to rethink pensions as Italy reshapes its second pillar pension system
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 schemes shift to domestic equities in US pullback
Italian pension funds boost domestic and emerging market exposure while trimming US tech and Treasuries
Aerospace, cyber venture capital test Italy’s pension framework
Italian pension funds increase venture capital bets in aerospace and cybersecurity, urging clearer rules and larger funding rounds
Vatican bank unveils Morningstar indices aligned with Catholic ethical rules
Istituto per le Opere di Religione and Morningstar launch eurozone and US equity benchmarks, screening companies by Catholic ethical standards
Private markets underpin Italian pension funds’ resilient returns
Italian pension funds’ private equity and debt investments delivered steady returns despite global market turbulence
Italy’s pension shake-up raises stakes for multinational employers
Auto-enrolment and contribution portability force multinational employers to rethink pensions as Italy reshapes its second pillar pension system
Tax incentives push Italian pension funds deeper into venture capital
Regulation on tax-deductible investments has accelerated Italian pension funds’ entry into venture capital
Italian pension funds warn portability reform will drive up costs
Andrea Mariani, director of Fondo Pegaso, the pension fund for utilities workers, also warns that portability undermines long-term investment
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
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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