He subscribers ei contributions they began to rise again with annual growth rates similar to those of the pre-pandemic period. Financial management produced positive overall results.
The social context is increasingly characterized by health and care needs, underlines the Control Authority, which are in addition to those of social security. The model of negotiated sectoral funds is a positive example of organization that has made it possible to achieve, also with the active and continuous contribution of social agents, participation in governance, balanced relations and collaboration with the financial system, appropriate dimensions, savings. scale, limited costs, satisfactory returns. This also allows us to look at it from a broader perspective, extending its functions in the direction of integrated social welfare system.
Forms, members, returns and costs
At the end of 2021, there were 349 pension funds in Italy, 33 traded funds, 40 open-ended funds, 72 individual pension plans (PIPs) and 204 pre-existing funds. A system consolidation pursuing economies of scale.
More than twenty years ago, in 1999, there were 739 forms, more than double, according to the Report. The total number of members of the supplementary pension is 8.8 million, 3.9% more than the previous year, with a coverage rate of 34.7% of the total workforce.
Existing charges are $ 9.7 million (including double or multiple charges, which refer to the same member). He gender gapswith 61.8% male partners (73% in bargaining funds) and generational, as 50.3% of partners are between 35 and 54 years old and 31.9% are at least 55 years old.
There is one crack then territorial with 57% of members residing in northern Italy. The resources accumulated by the supplementary pension plans amounted to 213.3 billion euros, 7.8% more than the previous year, equivalent to 12% of GDP and 4.1% of the financial assets of Italian families. Net of management costs and taxes, mutual funds and open-ended funds had an average return of 4.9 and 6.4 percent, respectively; for the “new” Class III PIPs, the return was 11 percent.
In the same period the TFR it was revalued, net of taxes, by 3.6 percent. Taking into account the last 10 years, the average annual return on negotiated pension funds was 4.1 per cent, that on open pension funds was 4.6 per cent and that on “new” PIP class III was 5 per cent. one hundred, while it was 2.2 for those in branch I.
Over the same period, the average annual revaluation of severance pay was 1.9 percent. In terms of costs, pension funds traded over a ten-year horizon have an ISC of 0.45 percent, open-ended funds of 1.36 percent and average pips of 2.18 percent.
Towards an integrated well-being
Next, Covip formulates, among other things, some considerations in a broader perspective, important for a solid development of the general welfare system in our country. In fact, the needs of aging societies constitute a large mosaic, which extends beyond the possibility of supplement public pensions with a additional savings for retirement which allows to maintain adequate income even in old age. These needs include care and assistance, even in the long term, which are of particular relevance as the lengthening of life is accompanied by an increase in morbidity and non-self-sufficiency.
It is therefore desirable, in order to give an effective response to the demographic and social transformations that affect the country, the orderly creation of an integrated welfare system that knows how to take advantage of possible synergies, on the one hand, between the different sectors. of social security, welfare and health, and, on the other hand, between the private and public sectors. In this perspective, pension funds, in addition to constituting a complementary health fund modelcould also be considered to expand their own functions in the direction of integrated well-being: possibly also through the establishment of group structures, in which the social partners nevertheless maintain a central role in ensuring global governance and coordination; however, these structures are widespread in countries where pension funds have been highly developed for a long time (for example, the Netherlands).
The need to design an integrated welfare system that uses the resources that the productive system can allocate to it in the most efficient way possible, the Supervisory Committee had emphasized in a recent parliamentary hearing, is already gaining special importance today in the context of integrative health care.
An increasingly crucial sector in order to satisfy the changed social needsbut that requires an intervention of tidy up and of rationalizationwith the aim of optimizing the use of resources and enhancing what is expected tax benefitsalso with a view to better coordination with the National Health Service.
Despite the large number of health funds operating in the market, the supplementary health care sector is not yet adequately regulated or effectively supervised. In this context it is necessary to have one proper control system, intended to ensure the rational and prudent management of health funds, to ensure adequate standards of transparency and fairness in the behavior of operators, as well as to identify and counteract any evasive or incorrect conduct with respect to the purposes to be pursued; until they also justify the tax benefits attributed.
These goals can be effectively achieved through a supervision system also integrated, with the attribution of the supervision of these areas to Covip, as an Authority that already today exercises a supervisory function, so to speak, “social”, although limited to the context of the supplementary pension , a role aimed at transparency and correctness of conduct, sound and prudent management and soundness of forms, in order to protect partners and beneficiaries.