Under certain conditions, members may benefit from:
    • an advance payment;
    • a partial or total redemption;
    • a partial or total Temporary Early Integrative Annuity (RITA);
    • a retirement benefit. 
    For any type of benefit, it is necessary to submit a request to the Fund using the features available in the reserved area or by completing the forms downloadable from the “Forms and Documents” section.

    Advance Payments

    Listen to our podcast on Advance Payments (in Italian only).

    Watch a shor video on Advance Payments (in Italian only).

    Regulating Document for Advance Payments
    Regulating Document for reintegration of Advance Payments

    Article 11, paragraph 7 of Legislative Decree 252/05 and subsequent amendments and additions provides that members may request an advance on their accrued individual position for various reasons and at different liquidation percentages.

    The various types of advances may only be requested after eight years of enrollment in a supplementary pension scheme, with the exception of advances for healthcare expenses, which may be requested at any time (see the summary table below).

    Membership Requirements

    Type of advance

    Max. %
    At any time Medical expenses following to very serious health conditions for members, their spouses, and children (Therapies and surgeries approved by the relevant public authorities). 75% of the capital accrued
    After 8 years of membership Purchase or renovation of first home of members or their children 75% of the capital accrued
    After 8 years of membership No specific reason required 30% of the capital accrued

     

    The amounts received as an advance may never exceed, overall, 75% of the position, and at the member’s discretion, can be reintegrated at any time, with the possibility of benefiting from a tax credit on the amount accrued
    since January 1, 2007.

    The reintegration of the advance can be requested using the functionality available in the reserved area.

    The advance can be requested using the functionality available in the reserved area or by using the forms downloadable from the ‘Forms and Documents’ section (under the ‘Advance’ category)

    Redemptions

    In the event of the loss of the participation requirements for the Fund, the Articles of Association and the Document for the Regulation of Redemptions establish the procedures for exercising a partial or total redemption, as provided for by Article 14 of Legislative Decree 252/2005.
    The types of redemption currently provided for are:
    Regulating Document for redemption of capital

    A. Partial Redemption:

    • Partial redemption of 50% of the accrued individual position for the following reasons:
      • unemployment for a period of no less than 12 months and no more than 48 months. To submit this request, you must use the specific functionality available in the reserved area or complete form 080/I12 and attach:
        • in the case of unemployment: a copy of the Declaration of Immediate Availability for work (DID) issued by the Provincial Employment Center or, alternatively, a self-certification statement pursuant to Art. 46 of Presidential Decree no. 445 of December 28, 2000, indicating the unemployed status and the relevant period;
        • in the case of non-employment: a self-certification affidavit indicating the status of non-employment and the relevant period;
      • recourse by the employer to mobility procedures (now collective dismissal procedures), or to the ordinary or extraordinary wage guarantee fund (Cassa Integrazione Guadagni);
      • recourse by the employer to the procedures referred to in Art. 4 of Law 92/2012 or Art. 41 of Legislative Decree 148/2015 (so-called incentivized early retirement/exodus). In this case, documentation issued by INPS certifying the right to the relative benefit is required;
      • termination of employment without meeting the conditions, within the following six months, to transfer the position to another pension fund in relation to a new job (so-called Statutory Redemption). For this request, you must use the specific functionality available in the reserved area or complete form 080/50.

    B. Total Redemprion:

    • for the following reasons:
      • unemployment for a period exceeding 48 months. To submit this request, you must use the specific functionality available in the reserved area or complete form 080/I48 and attach:
        • in the case of unemployment: a copy of the Declaration of Immediate Availability for work (DID) issued by the Provincial Employment Center or, alternatively, a self-certification statement pursuant to Art. 46 of Presidential Decree no. 445 of December 28, 2000, indicating the unemployed status and the relevant period;
        • in the case of non-employment: a self-certification affidavit indicating the status of non-employment and the relevant period;
      • permanent disability resulting in a reduction of working capacity to less than one-third, which must be certified by documentation issued by the competent Authority. For this request, you must use the specific functionality available in the reserved area or complete form 080/I13. This redemption may also be exercised while the employment relationship is still ongoing; in this case, the member may decide whether to resume contributing to the Fund by submitting a new enrollment. In the latter case, a subsequent redemption request for the same reason will not be permitted;
      • termination of employment without meeting the conditions, within the following six months, to transfer the position to another pension fund in relation to a new job (so-called Statutory Redemption). For this request, you must use the specific functionality available in the reserved area or complete form 080;
      • the member meets the requirements for access to statutory pension benefits but has not completed the five years of membership in a supplementary pension scheme (or three years for workers moving between EU Member States). For this request, you must use the specific functionality available in the reserved area or complete form 081.
    Statutory Redemption can be exercised exclusively by managers (dirigenti) enrolled in the Fund.
    DEFINITIONS
    1. Unemployed (disoccupato) refers to an individual who, being without employment, declares their immediate availability to carry out work activities.
    2. Non-employed (inoccupato) refers to an individual who, being without employment, is not available to carry out work activities.

    Video tutorial: Redemptions—a safety net if you lose your job

    Temporary Early Integrative Annuity (RITA - Rendita Integrativa Temporanea Anticipata)

    RITA: the annuity that accompanies you to retirement.
    With Daniele Raimondi, we discuss the newest benefit in supplementary pension schemes; an option for those who have lost their job before meeting retirement requirements, offering significant tax advantages.

    Abstract
    Regulating Document – Rendita Integrativa Temporanea Anticipata (RITA)
    The Temporary Early Integrative Annuity (hereinafter RITA) is a supplementary pension benefit consisting of the fractional payout of the capital accumulated within the Fund. This payout covers a period starting from the acceptance of the request—following the verification of the requirements—until the attainment of the age for the old-age pension in the member’s mandatory social security scheme.
    Members of Supplementary Pension Schemes may request the RITA:
    • based on the entire accrued individual position – TOTAL RITA
    • or on a portion of it – PARTIAL RITA.
    To request the RITA, the member must meet the following requirements:

     

    COMMON REQUIREMENTS
    • termination of all employment
    • completed five years of membership in supplementary pension schemes, or three years for workers moving between European Union Member States.
    ADDITIONAL REQUIREMENTS AS APPROPRIATE 
    • must attain the retirement age for the old-age pension in their mandatory social security scheme within the next five years.
    • must have accrued a total contribution requirement of at least twenty years in their mandatory social security schemes.
    		 OR
    • must have been non-employed, following the termination of work activity, for a period exceeding twenty-four months.
    • must attain the retirement age for the old-age pension in their mandatory social security scheme within the ten years following the period of non-employment.

    Members may request this benefit if they are, at most, within seven months of reaching the statutory age for an old-age pension. This can be done via the specific tool available in the reserved area or by completing form mod. 08R.

    If the capital allocated to RITA (Advance Temporary Annuity) is held, in whole or in part, in financial sub-funds, the Fund shall first transfer it to the ‘Assicurativo 2024’ sub-fund—as it offers the most prudent profile—unless the manager expresses a different preference at the time of the request.

    Retirement pension

    Abstract

    Talking pension benefits with Oliva Masini, Director General of Previndai: exploring the best pension benefits a pension fund can offer.

    Upon the member’s request—submitted via the dedicated tool in the reserved area or by using form 081—the Fund pays out pension benefits as an annuity and/or a lump sum, provided the following requirements are met:
    1. Termination of employment;
    2. Attainment of the legal requirements for state pension eligibility;
    3. At least 5 years of participation in supplementary pension schemes, or three years for employees moving between EU Member States.
    Members who meet requirements 1 and 2, but not 3, may still request a full redemption of their position due to retirement.
    The benefits provided by Previndai depend on the total contributions paid and the investment performance of the sub-fund where the pension position is allocated.
    The Legislator intended to encourage benefits in the form of an annuity, limiting the lump-sum option under certain conditions and, in some cases, applying tax ‘penalties’.
    Consequently, benefits may be paid:
    • Entirely as a Life Annuity;
    • Partially as an Annuity and partially as a Lump Sum.
    For new members, the lump-sum portion cannot exceed 50% of the accrued position, unless the amount obtained by converting 70% of the individual position into a life annuity is less than 50% of the ‘social allowance’ (assegno sociale) pursuant to Art. 3, paragraphs 6 and 7 of Law No. 335 of August 8, 1995.
    Existing members (those enrolled prior to the 1993 reform) retain the right to receive the entire benefit as a lump sum, though this may affect the applicable taxation.
    Should the member decide to defer the benefit request for more than one year after reaching the statutory retirement age (currently 67 years old) without an employment relationship involving contributions to Previndai—and in any case not before January 1, 2026—the terms of stay in the insurance sub-fund and the conversion coefficients used to calculate the annuity will be updated.

    ANNUITIES

    Abstract
    Document regulating annuities
    The annuity provided by Previndai is an amount paid quarterly for the entire life of the applicant, or—in specific cases—their beneficiaries, in exchange for the capital contributed.
    The Fund offers the enrolled executive several types of annuities for the payment of their supplementary pension. It is important to emphasize that various guarantees can be associated with a life annuity; these guarantees entail a reduction in the value of the life annuity itself, as they must account for the cost of the chosen guarantee (e.g., certainty/guaranteed period).
    Annuity type Description
    A LIFE ANNUITY Periodic benefit paid to the holder for their entire lifetime.
    B ANNUITY CERTAIN FOR 5, 10 OR 15 YEARS AND SUBSEQUENTLY LIFE ANNUITY Periodic benefit that guarantees, in the event of the holder’s death during the certainty period (chosen by the holder as an alternative of 5, 10, or 15 years), the continuation of payments to the beneficiaries designated by them. If the holder is alive at the end of the certainty period, the annuity continues as a life annuity.
    C COUNTER-INSURED LIFE ANNUITY (WITH RESTITUTION OF RESIDUAL CAPITAL, IF ANY) Annuity paid as long as the holder is alive. At the time of their death, the designated beneficiaries receive a capital amount equal to the difference, if positive, between the capital at the end of the period (revalued up to the annual anniversary of the annuity preceding the death) and the product of the last annuity payment amount preceding the date of death multiplied by the number of installments actually paid (residual capital).
    D LONG TERM CARE ANNUITY OR LTC ANNUITY (LIFE ANNUITY WITH SURCHARGE IN CASE OF NON-SELF-SUFFICIENCY) Annuity paid as long as the holder is alive. Should the holder become non-self-sufficient, an additional annuity of the same amount will be added to the current annuity for as long as the holder is alive. This option can be requested within 70 years of age.

    The annuities mentioned in points A, B, and D can be combined with option E for survivorship benefits:

    Annuity type Description
    A/E LIFE ANNUITY AND SURVIVORSHIP An annuity paid as long as the holder is alive and, subsequently, in full or for the share chosen by the holder, to the person designated as the beneficiary, if still alive.
    B/E ANNUITY CERTAIN AND SUBSEQUENTLY LIFE ANNUITY AS WELL AS SURVIVORSHIP

     

    		 An annuity that guarantees, in the event of the holder’s death during the certainty period (alternatively set at 5, 10, or 15 years), the continuation of payments in favour of the beneficiaries designated by the holder. If the holder at the end of the certainty period:is alive, the annuity continues as a life annuity in their favour and, upon their death, as a survivorship annuity in favour of the beneficiary;is not alive, the annuity continues as a survivorship annuity in favour of the beneficiary, if still alive.
    D/E LTC ANNUITY AND SURVIVORSHIP To the LTC annuity defined above, it is possible to add cover, in full or for the share chosen by the holder, for the person designated as the beneficiary, if still alive.
    CLARIFICATIONS
    • The “annuity certain” (rendita certa) should not be confused with a “purely financial annuity” (rendita esclusivamente finanziaria), which is payable for a predetermined number of years, regardless of whether the holder is alive; in the case of a financial annuity, the accrued capital is “consumed” through a type of amortization plan over the predetermined number of years, and the holder cannot count on a periodic benefit if they survive beyond that determined number of years. For this reason, the purely financial annuity does not meet the requirements imposed by supplementary pension regulations concerning annuities;
    • In the case of the survivorship option, the name of the beneficiary (reversionario) cannot be modified after the request for payout has been submitted, as their demographic characteristics, along with those of the member, are elements that determine, among others, the value of the annuity itself. This annuity should not be confused with the “survivor’s pension” (pensione di reversibilità) provided for by the state pension system (pensione di legge).

    Death/Beneficiaries

    Indicating the beneficiaries of your position: why? And how?

    A quick guide on designating beneficiaries. It is not mandatory but allows you to indicate the individuals to whom your position should be allocated in the event of your premature death.

    DEATH OF THE MANAGER BEFORE SUBMITTING THE BENEFIT APPLICATION TO THE FUND

     

    Regulation The benefit, due iure proprio (by right), is redeemed by any designated beneficiaries or by the heirs.
    For more information on beneficiary designation click here.
    Application Submission If the party entitled to redemption is a single individual, they must complete form mod. 087 (accompanied by the required documentation). If the party entitled to redemption is a group of subjects (multiple heirs or multiple beneficiaries), one of them must complete form mod. 087 (accompanied by the required documentation) and the others must each complete a mod. 088.

     

    DEATH OF THE MANAGER WHO HAS ALREADY SUBMITTED A BENEFIT APPLICATION TO THE FUND

    Regulation The benefit, due iure successionis (by right of succession), is redeemed by those entitled by law.
    Application Submission If the right to the benefit in succession belongs to a single individual, they must complete form mod. 084 (accompanied by the required documentation). In the presence of multiple rightful parties, each of them must complete a mod. 084, but the documents requested therein must be forwarded to the Fund in a single copy, together with the forms of all rightful parties.