Pension fund growth in September 2024: membership, contributions and returns on the rise
Memberships at 9.880 million, a total of 11 million, a growth of 3.3% compared to the end of 2023
2' min read
Key points
- Subscriptions at 11 million for 9.880 million subscribers
- In nine months, contributions of 10.5 billion were collected
- Resources for benefits reach 238 billion: +6.1%
- Covip: positive performance of returns
- In the last 10 years, the results of supplementary forms almost always better than the severance pay
2' min read
A growth in membership of 3.3%, in contributions collected of 7.9%, in resources allocated to benefits of 6.1% and in returns. These averaged 8.9 per cent in negotiated pension funds, 9.6 per cent in open pension funds and 10.3 per cent in individual pension plans (Pipani individuali pensionistici). The latest survey by Covip, the Supervisory Commission on Pension Funds, updated to 30 September 2024, confirms, and indeed reinforces, the positive trend in supplementary pension provision during 2024 and in comparison with the results of 2023.
Subscriptions at 11 million for 9.880 million subscribers
In the first nine months of this year, the 'outstanding positions' of complementary forms reached 11 million, 3.3% more than at the end of last December. A pool that, Covip recalls, also includes those who simultaneously adhere to several forms, for a total of 9.880 million members. The Authority points out that memberships have increased by 5.1% (a total of 4.223 million) and that those contributing most to this growth 'are still the fund aimed at the construction sector (+98,600 positions), which receives the contractual membership of workers through the payment of a contribution, albeit of a modest amount, borne by the employer alone, and the public employment fund (+28,600 positions)'.
10.5 billion in contributions collected in nine months
.The growth in contributions is also significant. Between January and September 2024, negotiated funds, open-ended funds and PIPs collected a total of 10.5 billion lire, an increase of 7.9% over the same period last year. The strongest increase was shown by open-ended funds (+9.7%).
Resources for benefits reach 238 billion: +6.1%
Total resources allocated to benefits came to EUR 238 billion, an increase of 6.1% compared to EUR 224.4 billion at the end of 2023. Covip states that about three-fifths of the increase was due to the rise in the prices of portfolio securities; the rest was due to contribution flows net of outflows. Net assets amounted to 73.5 billion in negotiated funds (+8.3% compared to last year), 36.1 billion in open-ended funds (10.8%) and 53 billion in PIPs (6.1%).
Covip: positive trend in returns
The Authority emphasises that in the first nine months of 2024, the results of supplementary pension schemes 'remain positive, with higher values for management schemes with greater equity exposure'. In particular, average returns of 8.9% in negotiated funds, 9.6% in open-ended funds, and 10.3% in PIPs were found for the equity sub-funds. In balanced lines, returns averaged 5.8% in negotiated funds, 6.2% in open-ended funds and 5.7% in Pip. The Authority adds that "lower average returns, but still positive, are recorded for the bond and guaranteed sub-funds".
