Assets in Italy’s supplementary pension system rose to €261.2bn at the end of 2025, up 7.3 per cent year-on-year, with growth split roughly evenly between net contributions and investment returns, according to Italy’s Pension Funds Supervisory Commission (COVIP).

Membership of supplementary schemes also continued to expand, with outstanding pension positions rising 5 per cent year-on-year to 11.7 million at the end of 2025, equivalent to 10.4 million members once individuals enrolled in more than one scheme are counted only once




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Podcast: Stepping up to the challenge
In the latest European Pensions podcast, Natalie Tuck talks to PensionsEurope chair, Jerry Moriarty, about his new role and the European pension policy agenda

Podcast: The benefits of private equity in pension fund portfolios
The outbreak of the Covid-19 pandemic, in which stock markets have seen increased volatility, combined with global low interest rates has led to alternative asset classes rising in popularity. Private equity is one of the top runners in this category, and for good reason.

In this podcast, Munich Private Equity Partners Managing Director, Christopher Bär, chats to European Pensions Editor, Natalie Tuck, about the benefits private equity investments can bring to pension fund portfolios and the best approach to take.

Mitigating risk
BNP Paribas Asset Management’s head of pension solutions, Julien Halfon, discusses equity hedging with Laura Blows

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