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
Italy’s pension regulator expands oversight powers
Covip gains sweeping oversight of Italy’s €3.2bn supplementary healthcare funds covering 16 million workers nationwide
Tensions mount within Italy’s pension fund association as Enasarco plans exit
Enasarco, Italy’s €9.3bn pension fund for sales representatives, has begun the process to leave Adepp, the country’s pension fund association
Italian pension fund cautions on portfolio impact of escalating Middle East war
Italy’s Pegaso pension fund warns prolonged Middle East conflict could pressure portfolios through inflation and energy risks
State-backed fund draws institutional capital into Italian growth companies
State-backed National Strategic Fund attracts pension and institutional capital, aiming to boost Italian SMEs’ growth
Inarcassa turns to alternatives to fast track private markets capital deployment
The fund is targeting a 34% allocation to private markets, compared with 28.2% currently invested
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
- Previous
- Next
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.
Italy’s pension regulator expands oversight powers
Covip gains sweeping oversight of Italy’s €3.2bn supplementary healthcare funds covering 16 million workers nationwide
Tensions mount within Italy’s pension fund association as Enasarco plans exit
Enasarco, Italy’s €9.3bn pension fund for sales representatives, has begun the process to leave Adepp, the country’s pension fund association
Italian pension fund cautions on portfolio impact of escalating Middle East war
Italy’s Pegaso pension fund warns prolonged Middle East conflict could pressure portfolios through inflation and energy risks
Trusted partners: Advising Europe’s pension funds
IPE’s survey of European consultants reveals a complex patchwork of client preferences
State-backed fund draws institutional capital into Italian growth companies
State-backed National Strategic Fund attracts pension and institutional capital, aiming to boost Italian SMEs’ growth
Inarcassa turns to alternatives to fast track private markets capital deployment
The fund is targeting a 34% allocation to private markets, compared with 28.2% currently invested
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
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
Copyright © 1997–2026 IPE International Publishers Limited, Registered in England, Reg No. 3233596, VAT No. 685 1784 92. Registered Office: 1 Kentish Buildings, 125 Borough High Street, London SE1 1NP
Site powered by Webvision Cloud