Enpap, psychologists in protest over extra contributions to be paid

It is time for 'reckoning' in the pension management of psychologists. On the one hand, the Enpap top management's request for an increase in contributions (with the related protest of many members), on the other hand, the results of the investments made in 2025 (with a performance with a plus sign, but certainly improvable). Let us go in order.

The Board of Directors Enpap proposed to the General Council (which approved) an increase in subjective contributions from 10% to 15% over five years (+1% per year from 2027). To make the change definitive, however, we must wait for the supervising ministries to give the final go-ahead: if this happens by December, mandatory contributions will have an overall increase of 50%, while supplementary contributions would immediately rise from 2% to 4% (+100%, an increase that professionals apply on their clients' invoices to recover part of the contributions to be paid to Enpap). 'On 12 June,' explains Mauro Grimoldi, coordinator of the protest, 'a demonstration is scheduled to take place in Rome, in front of the Ministries of Labour and Economy, against the increase in Enpap contribution rates, which we believe is disproportionate and takes away from members the right to decide how much to pay.

'In the current situation,' retorts Federico Conte, Enpap president, 'with an average income of 26,500, the pension amounts to 488 euros. Thanks to the reform, with an increase of €74 per month, to which €39 of the supplementary contribution to be paid by the client/patient is added, at the age of 70 and after 40 years of contributions, a pension of €1,159 is obtained. Over the last six years average incomes have increased by 44%, against an inflation rate that has risen by 19%; nevertheless, we are the professional category that pays the least in contributions (10%). No worker in Italia,' concludes Conte, 'pays less than us, but in spite of this we have the lowest pensions'.

On the asset side, however, Enpap closed the 2025 balance sheet with a total portfolio of 3.03 billion, which returned 3.7%. The asset allocation shows a strong incidence of the Psy Enpap fund (42.8% of the total portfolio including cash). Within this fund, there are various asset classes that ultimately distribute the institution's total investments as follows: bond 48.4%, real estate 11.7%, alternatives 13.1%, equities 20.9% and cash/monetary 5.9% (see chart).

The 3.7% performance should be read in the light of a structure still very much oriented towards bonds (48.4% of the portfolio). Added to this component is real estate (11.7%), an asset class that tends to move more gradually than listed markets. Despite a 20.9% share in equities, the portfolio did not fully participate in the strong growth of stock markets in 2025.