Aon, adequacy of future pensions is crucial challenge for pension provision

(Il Sole 24 Ore Radiocor) - Pension education for workers, tools and formats for companies to ensure regulatory compliance, analysis and planning with individual check-ups and company assessments. These are some of the answers offered by Aon, a company active in insurance brokerage and consultancy for risk and human capital management, to accompany companies and workers in the changes introduced by the Budget Law 2026 on the subject of supplementary pensions. A series of innovations aimed at strengthening the role of pension funds as a fundamental supplementary element of the public pension system will come into force from 1 July, marking a significant transformation for both parties involved. For companies, this entails increased responsibility in terms of reporting, management and process control, while for employees, the freedom of choice with regard to their pension plan is increased, leading to greater decision-making complexity. "The real challenge for pensions in the next few years will not only be the financial sustainability of the system, but the adequacy of future pensions," explains Claudio Pinna, Head of Wealth at Aon. "Without a strengthening of supplementary pensions and without tools that involve companies and workers more closely, the risk is that pensions will become increasingly distant from the last levels of income.

There are four main innovations introduced by the Budget Law automatic membership in the supplementary pension fund for newly hired workers with the possibility of opting out or making a different choice within 60 days from the date of first hiring; obligation of the employer to provide a disclosure on the applicable supplementary pension agreements at the time of hiring; greater freedom of portability of the employer's contribution to other pension funds after two years of participation in the contractual fund; new types of benefits provided by pension funds to choose from (defined duration annuities, flexible withdrawals, fractional payments, increase of the lump sum claimable up to 60%).

This means,' Aon points out, 'that companies will be formally obliged to provide detailed information to employees and manage documentation correctly, respecting the deadlines for supplementary pension schemes, with the risk of incurring penalties in the event of non-compliance. For this, it is possible to support the various realities through tools and formats aimed at ensuring regulatory compliance and fulfilling obligations in a clear and traceable manner. On an operational level, more administrative complexity is also expected, with a fragmentation of contribution flows and the need for closer coordination between HR departments, payroll and external consultants. To help workers understand their options and make more informed choices, Aon is instead focusing on retirement education through workshops, multi-channel content and question-and-answer sessions. "If not adequately informed, there is a risk that workers will make uninformed pension decisions, with potential repercussions on their financial wellbeing and corporate climate," stresses the insurance and reinsurance brokerage group, according to which, analysis and planning can be done through individual check-ups and company assessments to identify potential risks and improve pension policies, adapting them to the specific needs of each company.