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1 Synthèse du marché
1.1 Introduction
The pension fund market includes financial institutions and specialized organizations that manage long-term investments to finance workers' pensions. The different types of offerings in the pension fund market include:
- Defined contribution pension funds: contributions are defined at the outset and the pension depends on the amount accumulated.
- Definedbenefit pension funds: the pension is defined in advance and contributions are adjusted to meet the target.
- Hybrid pension funds: combination of defined contribution and defined benefit.
- Individual pension plans: allow workers to create a personal pension fund, such as PIRs (Individual Savings Plans).
- Company pension funds: offered by companies to their employees as part of their compensation package.
Since 1993, pension funds have been introduced in Italy as supplementary forms of retirement provision to the mandatory public pension system. There are two types of pension funds: closed pension funds, reserved for specific occupational categories, and open pension funds, aimed mainly at the self-employed and the self-employed. Pension funds operate on the principle of individual capitalization, where the final benefit depends on the contributions made and the financial management of resources. Pension funds represent a category of institutional investors with a long investment horizon. In the current context, it is important to understand their role in financial markets and their impact on economic and social development.[Social security itineraries]
The market size, as measured by turnover, of the global pension fund industry is estimated at $4.5 trillion in 2023, with an expected growth of 4.7 percent from 2022. The market grew at an average of 5.2% per year between 2018 and 2023.[Ibisworld]
This study focuses on the retirement fund market, providing an overview of key trends, opportunities, and challenges. For information on related markets, such as the life insurance industry, please refer to the specific studies available in the businesscoot catalog.
1.2 The global market
Pension funds, consisting of defined benefit (***) plans, have been the primary means of meeting the retirement needs of an aging population.
The sector's revenue consists of contributions, investment income, and net sales of securities as the prinicpal items.
Overall revenue trends from **** to **** show a generally increasing trend, albeit with some ...
1.3 The Italian market
After the fall that occurred in ****, caused by frequent fluctuations in financial markets, the first six months of **** showed a significant recovery for all forms of supplementary pension plans, with an increase in both the number of members and the amount of resources allocated.
Resources under management and contributions
Specifically on ...
1.4 Impact of covid-19 and the Russian-Ukrainian conflict
Impact of covid-**
The impact of the covid-** pandemic on pension funds in Italy was significant, especially in the first quarter of the year when negative average returns were recorded.
In the first quarter, negotiated funds recorded a loss of *.* percent, open-end funds *.* percent, and branch III Individual Pension Plans (***) **.* percent. ...
2 Analyse de la demande
2.1 Demand in Italy
At the end of the third quarter of ****, there were about **.* million positions outstanding with supplementary pension forms , * percent more than at the end of ****. These positions, which also include those of those who simultaneously join several forms, correspond to a total membership of *.* million (***).
Of the **.** million positions, ** percent relate ...
2.2 Demand drivers
The choice to subscribe to a pension fund is implemented with the aim of obtaining of additional annuity at the end of working life. The primary goal concerns maintaining one's standard of living in old age, but there are also additional drivers that influence this choice.
Favorable taxation - All payments ...
2.3 The geographical distribution of demand
GDP-based pension spending includes public pension benefits provided to citizens. These benefits are typically related to individuals' age and past employment income. Pension spending as a percentage of GDP is an indicator that shows how much a country spends on pensions relative to its total economic output. It includes old-age pensions, ...
3 Structure du marché
3.1 The market structure
To understand the structure of the pension fund market, reference is made to the different types of pension forms.
Looking at the breakdown among the three types, we see a prevalence of the number of Individual Pension Plans, which make up almost half(***) of the total number of existing funds in ...
3.2 The value chain
The main steps inherent in value-creating pension funds are outlined below.
Investment management is highlighted as a crucial stage in generating the returns needed to pay retirement benefits.
3.3 The main players
The following are some of the most important Pension Funds in Italy, which are referable to the different types of pension forms.
Cometa Fund: an Italian negotiated pension fund, which represents one of the main forms of supplementary pensions in the country. It is intended for workers in the engineering, plant ...
4 Analyse de l'offre
4.1 Supply analysis
Supplementary pension provision, governed by Legislative Decree No. *** of December *, ****, represents the second pillar of the pension system whose purpose is to supplement the compulsory or first-pillar basic pension provision. It aims to help ensure that the worker has an adequate level of pension protection for the future, along with the ...
4.2 Costs for members of supplementary pension schemes
The costs that members of pension forms have to bear directly or indirectly over the years have a significant impact on final benefits. Since ****, COVIP has introduced thesynthetic cost indicator(***) to measure in a comparable way thecost burden of different pension forms and express, in a simple and immediate way, thepercentage ...
4.3 Composition of investments
Of the total ***.* billion euros of resources allocated to benefits at the end of ****, the actual investments directly referable to supplementary pension schemes amount to *** billion euros, compared to ***.* billion euros in ****.
Referring to the main components, bonds account for **.* percent of the total, equities make up ** percent, and UCITS shares ...
5 Règlementation
5.1 The legislation
In Italy, supplementary pensions are regulated by several laws and decrees that set the regulatory framework for pension funds and other retirement savings plans.
The following are some of the main laws on supplementary pensions.
Law Aug. *, ****, No. *** (***): This law introduced major reforms to the Italian pension system, including supplementary pensions. ...
5.1 The incentives
Italian law provides various forms of incentives in the area of supplementary pensions; the main regulatory interventions pertaining to this issue are listed below.
Law Dec. **, ****, No. *** (***): This law introduced tax incentives for contributions paid to negotiated and individual pension funds, including tax deductibility of contributions and preferential taxation of benefits. Law ...
6 Positionnement des acteurs
6.1 Segmentation
- Cometa
- Fonchin
- Fontech
- Poste Vita spa
- Credit Agricole spa
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The pension fund market | Italy
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