Pensions in Italy Report
In-depth reporting and analysis of the pensions sector in Italy for our pension fund and asset management readers from IPE’s award-winning journalists.
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Country ReportPensions 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
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Country ReportItalian institutions and private markets: a tough balancing act
Italian investors in private markets are looking for ways to achieve long-term value creation while maintaining appropriate liquidity levels and complying with regulation
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Country Report
Italian energy sector pension fund Fondenergia balances risks with returns
The pension fund serving Italian energy sector employees has introduced a life cycle solution for its members and is slowly but surely expanding its footprint in alternatives, through investments in infrastructure, private equity and the Bank of Italy
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Country ReportItalian pension funds eye venture capital and smaller company opportunities
The country’s pension schemes are turning to small and mid-cap equities and venture capital to support the domestic economy as well as diversify assets globally
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Country Report
ESG critical for Inarcassa’s investment strategy
The Italian first-pillar fund for engineers and architects, one of the country’s largest institutional investors, is continuously developing and diversifying its portfolio of alternative investments, while maintaining a strong focus on sustainability
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Country ReportItaly 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
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Country ReportCase study: Italian notaries pension fund CNN advances into private markets
Fund models strategy around macro-trends
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Country ReportCase study: Italian pension fund Enpam creates two-part investment portfolio
Doctors’ fund is repackaging assets into cash flow-matching and return-seeking parcels
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Country ReportCasse di previdenza put under the spotlight
First-pillar pension funds have faced parliamentary scrutiny over their investments, returns and relationships with advisers
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Country ReportItalian pension funds consolidation grinds to a halt
Mergers between pension funds have been too few to have an impact on the Italian pension industry
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NewsItaly changes early retirement option
The new rule allows a merger of first and second-pillar contributions
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Country ReportItaly Country Report 2024: How local pensions could support the economy
The Italian pension industry and policymakers are discussing ways to channel more pension investment towards the country’s business sector
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Country ReportItalian pension funds fine-tune asset allocation
Growing appetite for private market investments, amid shifting equity and bond portfolios, are keeping Italian pension funds busy
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Country ReportCDC pension fund benefits from a steady stream of young members
The Cassa Dottori Commercialisti (CDC) is one of the most sustainable casse di previdenza, the Italian privatised first-pillar funds for professionals, thanks to prudent asset allocation and the CDC’s policy to attract young Italians to the chartered accountancy profession.
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Country ReportPrevimoda fine tunes for better results
In 2023, Previmoda, the pension fund for the fashion and textile sector, rejigged the strategic asset allocation of its sub-funds Smeraldo Bilanciato, which has a higher exposure to fixed-income, and the equity-focused Rubino Azionario.
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Country ReportENPAM looks to preserve cash flow
In February 2024, the board of ENPAM, the first-pillar pension fund for doctors and dentists, approved plans for the fund to transition to an asset liability management (ALM) model that will focus on liability-driven investment (LDI).
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Country ReportSlow growth for Italy's second-pillar pensions
Despite the urgency of increasing second-pillar coverage, policymakers continue to focus reform efforts on public pensions
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Country ReportCountry report – Pensions in Italy (July/August 2023)
Italian second-pillar occupational pension funds continue on their path to diversification. Owing to the higher yields on offer in traditional fixed income markets, allocations to private markets may slow down temporarily, but funds have made long-term strategic commitments. A variety of industry initiatives is facilitating investment in private equity, private debt and infrastructure. Meanwhile, some pension funds are consolidating their private markets portfolios.
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Country ReportItaly: Private markets allocations at a crossroads
Italian pensions funds are showing renewed interest in fixed income, as investment in private markets slows down – but long-term commitments are still in place
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Country ReportItaly: Byblos consolidates private markets portfolio
The industry-wide fund has opted for a single external multi-asset mandate for private equity, private debt and infrastructure
