Italian contractual pension fund (CPF) assets increased by €5.2bn in the first three quarters of 2025, equal to 6.97 per cent, according to Italy’s Pension Funds Supervisory Commission (COVIP).

Publishing its interim Supplementary Pension Schemes Key Statistical Data report, COVIP found that net assets amounted to €79.8bn in CPFs compared to €74.6bn for the end of 2024.

CPFs are pension funds established through collective bargaining agreements between employer associations and trade unions, usually negotiated at industry level or, sometimes, with reference to specific geographical areas.

The report also revealed that other supplementary pension fund options, such as open pension funds (OPFs) – pension funds promoted by banks, insurance companies, asset management companies and investment companies – had €40.8bn in assets (up from €37.3bn) and €57bn was in individual pension plans (PIPs) – implemented through life insurance contracts – (up from €54.7bn).

Overall, supplementary pension schemes in the first nine months of 2025 made a positive return, despite being affected by the volatility that characterised the financial markets.

Equity funds recorded average returns of 5.5 per cent in CPFs and 7.1 per cent in OPFs; in Branch III PIPs, the return was 4.6 per cent.

In balanced funds, the average return was 3.7 per cent for CPFs and 4 per cent for OPFs, while PIPs returned 1.7 per cent. Average returns of around 1-2 per cent were recorded for bond and guaranteed funds.

Regarding members, at the end of September 2025, supplementary pension schemes had a total of 10.3 million members, up from 10 million at the start of 2024.

In the first nine months of 2025, contributions of €11.7bn were collected, up 10 per cent on the same period in 2024. The increase was greater for CPFs (10.7 per cent) and OPFs (13.2 per cent).

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