Pension provision

Early retirement pensions on the rise (despite government clampdown)

In the first quarter of the year, early exits grew by 2 per cent compared to 2025. Although Quota 103 and Women's Option have been cancelled

by Giorgio Pogliotti

6 May 2026

4' min read

Translated by AI

Versione italiana

Key points

The reasons for this growth
Early exit is a channel more used by men
184,000 new pensions in the first quarter: + 9% on 2025
Old age pension: women on average with 500 euro less allowance

4' min read

Translated by AI

Versione italiana

In spite of the tightening operated by the Budget Law 2026, exits with early retirement between January and March 2026 are growing: 55,137 opted for this option, 2% more than in the first quarter of 2025. In the comparison between the two periods, the average amount stood at €2,081 (+1%).

Let us try to clarify what factors could have affected this increase, which seems to be at odds with the elimination of Quota 103 and Opzione Donna, the main channels of access to early exit, provided for in the 2026 Manoeuvre.

The reasons for this growth

First of all, it should be noted that the 2026 requirements for early retirement have remained unchanged from 2025: for men 42 years and 10 months of contributions (for women 41 years and 10 months of contributions), with a moving window of 3 months before the start of retirement (for ordinary early retirement).

With Quota 103 and the Women's Option cancelled, the only facilitated early exit measure confirmed by the Budget Law 2026 is the Ape sociale (social helper's allowance), which has 63 years and 5 months of age, 30 or 36 years of contributions (depending on the category) and belonging to one of these categories: unemployed, caregivers, civil disabled at least 74 per cent, or those engaged in heavy or arduous work.

Personal choices may have had an impact on the increase recorded by the Inps: those who had the requisite for an early retirement pension in 2025 may have chosen to retire early as of 2026, for example, because they were concerned about the increase in the retirement age which, according to the 2026 Manoeuvre, will be triggered in 2027-2028 (1 month and a further 2 months respectively).

Among the reasons should be considered that many of the January-March 2026 retirements are pensions with the 'old rules' of those who have crystallised the right, not new retirements, given that Quota 103 remains exercisable in 2026 by those who have accrued the requirements (62 years + 41 contributions) by 31 December 2025. Similarly, the Women's Option (age 58 for employees, 59 for the self-employed and 35 years of contributions) can still be exercised by those who met the requirements by 31 December 2024. In essence, the right accrued can also be exercised in the years following its maturity. As already mentioned, it should also be considered that the ordinary early retirement pension provides for a 3-month window; therefore it is possible to have accrued the requirement in the last quarter of 2025 and to have exercised it in the first quarter of 2026.

Early exit is a channel more used by men

Reading of the retirement flows recorded by the Inps also shows that there are 17,451 women who have an early retirement pension with effect from the first quarter of 2026 with an average amount of 1,825 euros (respectively +5% and +1% on early retirements with effect from the first quarter of 2025). There are 37,686 men with an average amount of €2,199 (no change in numbers and 1% increase in amount on January-March 2025).

Within the categories, the highest use was registered among direct farmers and sharecroppers (Cdcm management fund +8%) and traders (+6%).

184 thousand new pensions in the first quarter: + 9% on 2025

The total number of new pensions with effect from the first quarter of 2026 was 184,480 with an average amount of 1,406 euro: compared to the first quarter of 2025 they grew numerically by 9% and in terms of amounts by 4%. In total there are 88,999 men with an average pension allowance of 1,406 euros (up 9% and 4% respectively on 2025), there are 95,481 women with an amount of 1,406 euros (up 10% and 4% respectively on 2025)

Old age pension: women on average with a 500 euro lower allowance

Looking at the different types, the growth of all types stands out: the greatest increase concerns exits with the old age pension (67 years of age and 20 years of contributions): 65,380 exited with effect from the first quarter of 2026 and obtained an average amount of 1,295 euro. Compared to old-age pensions with effect from 2025, the Inps counted 16% more of them and the amounts grew by 13% in the first quarter of 2026. Males numbered 35,105 and had an average of 1,525 euro (equal to, respectively, +18% and +13% over the first quarter of 2025), women 30,275 with a cheque of 1,027 euro (equal to, respectively, +14% and +13% over 2025).

The schemes with the highest growth in old-age pensions as of January-March 2026 are the Employees' Fund (+13%), artisans (+11%), parasubordinates (+11%) and traders (+10%)

The picture of pensions belonging to the various social security schemes with an effective date in the first quarter of 2026 is completed by 10,461 invalidity pensions with an average amount of 822 euro (numerically +11% and by value +5% on 2025) and 53,502 survivors' pensions with an average amount of 960 euro (respectively +9% and +6% on 2025).