Under specific conditions, a member can benefit from the following allowances:
For all types of allowances, the Fund must receive a specific request.
Art. 11, par.7 of Italian Legislative Decree 252/05 provides that the member may request an advance of their capital for different reasons and percentages. This type of allowance can be requested after 8 years of membership into supplementary pension schemes, except for the advance of capital for medical expense that can be requested at any time.
The total amount for advances of capital can never exceed the 75% of the capital accrued in Previndai, and members can choose to repay the advanced capital at any time.
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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 relevant forms to apply for an advance of capital are available at the page Forms and Documents” (Modulistica e Documenti), category Anticipazione.
We regret to inform you that documents are in Italian only.
When the conditions required for membership are not fulfilled anymore, the By-laws of the Fund and the Regulating Document for redemption of capital provides for the procedure to request a redemption of capital (or just a part of it) according to the provision of art. 14 of Italian Legislative Decree 252/2005.
The current types of redemptions of capital are:
The Prepaid Temporary Insurance Annuity (hereinafter RITA)is a pension benefit that consist in the payment of the capital accrued in installments, in a period that goes from the acceptance of the request and the verification of its requisites, until the age limit provided by the law to apply for state pension benefits.
A member can ask for all the capital or part of it:
These are the requisites to apply for a RITA (totale or parziale):
| COMMON REQUISITES | ||
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| ADDITIONAL REQUISITES AS APPROPRIATE | ||
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OR |
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Upon request from the member, the Fund will issue pension benefits in the form of an annuity or in a lump sum or a mix, if they meet the following requirements:
If you only meet requirements at points 1 and 2, you can request a lump sum for the total capital value for retirement. Please visit this link for more information.
Therefore, the benefit can be issued:
For the so called “nuovi iscritti” (membership after 28/4/1993) the lump sum cannot be more than 50% of the capital accrued, except when the amount issued in the form of an annuity, calculated on 70% of the capital, is less than 50% of the Italian social allowance, as regulated at art.3, par 6 and 7 of Law 8 August 1995, no.335.
So called “vecchi iscritti” (membership within 28/4/1993) can request a 100% capital lump sum.
The annuity issued by Previndai is an amount quarterly paid to the applicant for all their lives, according to the capital accrued, and in some cases to another entitled person.
The Fund offers various possibilities to those applying for an annuity. Please note that additional guarantees can be added to the life annuity, however, reducing its value, due to the cost of the applied guarantee (e.g. fixed amount annuity).
| Annuity type | Description | |
| A | LIFE ANNUITY | Annuity paid to the applicant until their death. |
| B | LIFE ANNUITY WITH A GURANTEE PERIOD OF 5, 10 OR 15 YEARS | The annuity is paid also in case of death of the annuitant during the guarantee period chosen (5, 10 or 15 years) to beneficiaries nominated by the member. If the applicant survives the guarantee period, the annuity is paid until their death. |
| C | MONEY-BACK LIFE ANNUITY (IF AVAILABLE, THE REMAINING CAPITAL IS PAID BACK) | This annuity is paid until the death of the applicant. At that moment, the difference, (if positive) is paid to the beneficiaries nominated. The remaining capital is calculated as the amount accrued up until the request for the annuity by the member, revalued at the latest date applicable, decreased by the amount of the latest payment multiplied by the effective number of payments made before the death of the member. |
| D | LONG TERM CARE ANNUITY (LIFELONG AND WITH AN EXTRA AMOUNT IN CASE OF LACK OF SELF SUFFICIENCY) | Annuity paid until the death of the member. In case the annuitant should require full assistance for activities of daily living, an additional annuity of the same value will be added, and still paid until the death of the annuitant. |
Annuities at letters C and D are paid with the amounts accrued in the new Insurance portfolio called Assicurativo 2014, where all payments to the insurance management are allocated since 1st January 2014.
Annuities at letters A, B and D can be combined with the possibility to nominate a beneficiary, option E:
| Annuity type | Description | |
| A/E | LIFE ANNUITY WITH NOMMINATED BENEFICIARIES | Annuity paid until the death of the annuitant, then paid to the nominated beneficiary (if alive) for the same amount or in the percentage chosen by the member. |
| B/E | LIFE ANNUITY WITH A GURANTEE PERIOD AND NOMINATED BENEFICIARIES
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With this type of annuity, in case the annuitant dies during the guarantee period (5/10/15 years), the payment are made to the beneficiary nominated. If at the end of the guarantee period the annuitant:
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| D/E | LTC ANNUITY WITH NOMINATED BENEFICIARIES | It is possible to add to the LTC annuity the nomination of a beneficiary in case of death of the annuitant, for the same amount or part of it, according to the member choices. |
| Regulation | The allowance is to be paid to the beneficiaries, if nominated, or to the estate.
For additional information on the nomination of beneficiaries please click here. |
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