Compared with the workforce, participation in supplementary pension schemes continues to grow, particularly among younger age groups (up 9.8 percentage points over five years in the 15–34 age group).
As regards geographical distribution, the participation rate exceeds the national average in the northern regions, where 57.3 per cent of members are concentrated; lower figures, well below the average, are recorded in most of the southern regions.
Resources, grants and benefits
By the end of 2025, the assets accumulated by supplementary pension schemes stood at €262 billion (up 7.7% on 2024), mainly due to the positive performance of the financial markets. Accumulated assets amount to 11.6% of GDP and 4% of Italian households’ financial assets. Contributions collected during the year total €22.4 billion (+8.7% compared to 2024), growing at a rate higher than the average for the previous five-year period. €7.9 billion was raised in occupational pension funds (+10.9%); €3.9 billion in open-ended funds (+15.4%); and €5.6 billion in ‘new’ PIPs (+5.7%); pre-existing funds received €4.8 billion (+4.4%). €18.7 billion in contributions were paid into employees’ accounts, an increase of €1.6 billion compared to 2024. Of this, €9.6 billion relates to severance pay contributions; €5.7 billion are contributions paid by employees and €3.4 billion are employer contributions. For the self-employed, contributions totalling €1.9 billion were paid in. There were 7.4 million contributing members in 2025, accounting for 73% of the total. The average contribution for these members is €2,990; it is higher for employees (€3,110), who can also benefit from severance pay inflows, compared to the self-employed (€2,780). The gender gap is also evident when looking at the amount of contributions paid: for women, the average contribution is 16% lower than that of men. In the northern regions and some central regions, contributions are higher than the average, whilst they are halved in many areas of the south. There are approximately 2.7 million non-contributing members, reversing the upward trend for the first time. In 2025, pension benefits were paid out as lump sums totalling €5.5 billion and as annuities totalling €347 million. Redemptions amounted to €2.1 billion and advances to €2.8 billion. During the year, approximately €2.8 billion in temporary supplementary pension advances (RITA) were paid out, mostly from pre-existing pension funds.
Investment allocation
Pension fund investments continue to be predominantly allocated to government bonds and other debt securities, accounting for 55.8% of the total. Overall equity exposure has risen to 32.9%, an increase of 2.4 percentage points compared with 2024. Real estate investments, both direct and indirect, account for less than 2% of the total.
Pension fund investments in the Italian economy (government bonds, securities issued by entities resident in Italy and property) amount to €43.9 billion, representing 19.3% of the total (the same percentage as in 2024). Investments in debt and equity securities of domestic companies, amounting to €3.4 billion and €2.4 billion respectively (€3 billion and €2 billion in 2024), and domestic investments held through UCITS units stand at €2.3 billion.