Overview

• Giancarlo Giorgetti told the ANIA assembly that Italy’s supplementary pension system remains anchored to a 2005 legal framework misaligned with current demographic and economic realities.
• He outlined three strategic directives to modernize the system by refining enrollment mechanisms, incentivizing higher contributions without additional state spending, and promoting competitive investment options.
• The Tribunal of Trento has referred a constitutional challenge over the block-based inflation-adjustment mechanism to the Constitutional Court, a dispute that could affect billions in public spending.
• Labor unions including the CGIL argue that the current inflation-adjustment method violates contributory proportionality by flattening differences between career contributions.
• Although enrollment and assets in complementary schemes have grown, average returns often mirror those of Tfr or INPS options and funds have untapped potential to channel capital to domestic unlisted companies.