08 Jun Occupational Pension Schemes in Italy

Posted at 20:56h in news_EN by

The main types of private pensions and retirement plans that are provided to a broad base of employees in Italy are closed pension funds and …

 

LABLAW Founding Partner Luca Failla has written the Occupational Pension Schemes in Italy Q&A chapter for Lexology – one of the leading international sources of legal updates and information.

In his article employers in Italy will learn about:

  • The main types of private pensions and retirement plans in Italy
  • When can employees in Italy retire and receive their full plan benefits
  • How early retirement affects benefit calculations
  • If executive-only pension plans in Italy are permitted
  • The considerations for employees working permanently and temporarily overseas
  • If employees in Italy have to work for a specified period to participate in the pension plan
  • The levels of benefits provided to employees participating in private plans
  • Pre-retirement death benefits are customarily provided to employees’ beneficiaries
  • How retirement benefits provided to employees in a trade union differ from those provided to non-unionised employees
  • … and much more!

 

Here below please find a brief extract from the chapter:

The main types of private pensions and retirement plans that are provided to a broad base of employees in Italy  are closed pension funds and open pension funds.

Closed pension funds (the second pillar system) are set up through collective bargaining agreements (CBAs), including those signed at the company level, and are sponsored by trade unions as associations for the benefit of a particular group of employees.

Examples of closed funds include:

  • The Cometa pension fund, which is set up under the national CBA for employees in the metalworking and plant installation industries and related sectors;
  • The Fonchim pension fund, which is set up under the national CBA for employees in the chemical and pharmaceutical industries;
  • The Previndai pension fund, which is set up under the national CBA for executives in the manufacturing industry; and
  • The Laborfonds pension fund, which is set up under a regional CBA for employees who work in the Trentino Alto Adige region of Italy.
  • Companies in the financial services sector – including insurance companies, banks and asset management companies – manage the assets of these pension funds.

 

In September 2019, membership of closed pension funds was about 3.1 million.

 

You can read the entire article on Lexology’s website here.

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