The issue of pensions is an increasingly current topic and increasingly hot and, given the precarious situation, there are more and more people who decide to remember a supplementary pension fund. But how does a pension fund work and what exactly is the supplementary pension? We try to answer all these questions and to clarify the topic.
How pension funds work
During the employment relationship, each citizen is required to pay contributions to the INPS in order to secure a pension when he or she stops working. This, in theory, since in the political and social scene, this topic is the most burning.
Especially with regard to young people and new generations who have recently entered the labor market, the pension may never arrive, or in any case it may not be enough to guarantee citizens that they will retire a dignified existence.
The theme, moreover, is in constant turmoil and the government is currently still discussing various hypotheses, ranging from early retirement to the possibility of redeeming even the graduation years. This means, for the young, to redeem the years spent at the university as if it were working years for which contributions were paid. But if it is true that this last option risks being too expensive, it is less possible to access a pension fund , a solution that more and more citizens are considering.
According to the Covip data, in fact, about 7, 3 million Italians have chosen an alternative pension and more and more parents who choose to start making contributions for their children through a fund of this kind. And here comes the supplementary pension fund. As its name announces, the supplementary pension is a pension that goes to supplement the state and to fill it where it proves to be too small. Everyone can decide to make a supplementary pension and thus save , month by month, money in view of the integration of the actual pension .
The banking market offers different types of products and you just need to contact your bank of trust to know what are the supplementary pension packages that the same institution offers. In the same way, you can also turn to insurance and stipulate the type of contract most suited to your needs.
In any case, if the public pension is not enough, to guarantee a reasonable income, all that remains is to save money and set aside. Moreover, the estimates and numbers do not make good predictions and it is calculated that those who retire with the contributory system will have a pension allowance equal to about 50% of their average salary .
To date, therefore, the supplementary pension is one of the major forms of savings, and above all investment, for its future. But let's understand better how the social security system works and why in many cases resorting to supplementary pensions is the best choice.
HOW THE SOCIAL SECURITY SYSTEM WORKS
The social security system relies on state mechanisms and is a shared mechanism. This means that the contributions that are paid by the workers are paid to citizens who are retired and who must receive their monthly allowance.
The compulsory provision includes all pension benefits that are guaranteed by law to all citizens and is based on the compulsory contribution, ie on the payment of contributions to the state. The supplementary pension , however, is an integrative system designed to give workers, particularly to young people and students a way to have more money once they are retired.
We have said that the retiring people receive, on a monthly basis, from the INPS their pension provided by the State. To date, the pension calculation takes place through three different calculation systems; the salary system, the contributory system and the mixed system .
There is also the TFR, the much discussed Treatment for severance pay , which allows each worker to leave some of the money at the company and to collect it at the end of the employment relationship. The TFR itself, according to everyone's decision, can then be transferred to a pension fund.
WHAT IS A PENSION FUND?
The pension fund is considered an investment fund . In other words, you save money that can be redeemed when the state pension is reached. In this way, a fixed income is guaranteed in addition to the state pension, which, especially in the case of calculation with the contributory system, is likely to be too small.
To understand which pension fund could be for us, the first thing to think about is what is defined as a "pension gap", that is how much, in economic terms, you can count on retirement. The INPS provides a useful tool, called "my pension" which can be accessed directly from the site and allows you to calculate, through estimates and estimates, the value of the pension.
The amount obtained will then need to add the money deriving from the investment made by the TFR, at the company or at a pension fund. When the retirement estimate and prediction will be clearer, the social security gap will also appear , which at this point represents the difference between the money expected to receive as a pension and what will actually be paid by the INPS.
At this point, the amount you want to put aside to make sure you get as close as possible to your expectations will be clearer. Then, whoever decides to join a pension fund, will have to pay a fixed amount each month that, for employees, can also be added a company contribution. Self-employed workers, on the other hand, can choose independently how much to pay.
TYPES OF PENSION FUNDS
There are different types of pension funds, which each can choose based on the needs, the type of yield they offer and also on the basis of the investment necessary to enter into such an agreement. The pension funds that most people resort to are three , different in terms of characteristics and contract conditions.
The open pension funds are those managed by banks and insurance and are open to all workers. The closed pension funds , on the other hand, are the result of the agreement between trade unions and employers' organizations and, for this reason, only certain categories of workers can join. There are also individual pension plans , very similar to pension funds but structured in such a way as to function as a life insurance policy.
Those who subscribe to a pension fund may choose to invest the capital through various financial instruments , such as shares or bonds. Depending on the contract stipulated, it is possible to choose between different investment strategies, which may have a more or less high risk depending on the agreements.
The expected return is how much the fund's owners expect to be able to obtain in economic terms , while the risk represents the possibility of losing the money invested. The greater the risk, the greater the chance to earn, but this obviously depends on the needs of everyone and the possibility, or not, to risk with an investment of this type.
Some funds follow more risky strategies , other more prudent strategies . The more time passes, then, the capital and the yield accumulates, while if you invest in the financial market you can never know what the actual result will be. In any case, once the citizen has access to the pension, half of the capital can be withdrawn immediately, while the remaining part can become a full-fledged pension.
Or, another alternative, it is possible to withdraw the entire countervalue at maturity if the capital rents are less than 50% of the pension provided by the State. Anything that is accrued over time within a pension fund can, depending on the case, be redeemed even before the actual retirement, but only if there are urgent and proven reasons, such as the purchase of a house, the state of unemployment or health reasons. In other cases it is possible to withdraw 30% of the amount paid , but only if eight years have elapsed since the stipulation.
ADVICE FOR CHOOSING A PENSION FUND
The best way to start choosing the pension fund that best meets your needs is to be as informed as possible on the subject. Do not rush, therefore, but inquire, read, ask for walls and compare more options.
When you have a little clearer ideas, do not hesitate to contact the bank or an insurance institution to request more information. You can also take several appointments in different banks and branches, request information leaflets and then choose the solution that seems most advantageous to you, even on the basis of the money you want to invest.
Lastly, do not take any risky steps and consider your choices well, depending on what your current income is, how much money you can allocate to the pension fund, without this affecting your current economic well-being in a negative way.
How pension funds work
During the employment relationship, each citizen is required to pay contributions to the INPS in order to secure a pension when he or she stops working. This, in theory, since in the political and social scene, this topic is the most burning.
Especially with regard to young people and new generations who have recently entered the labor market, the pension may never arrive, or in any case it may not be enough to guarantee citizens that they will retire a dignified existence.
The theme, moreover, is in constant turmoil and the government is currently still discussing various hypotheses, ranging from early retirement to the possibility of redeeming even the graduation years. This means, for the young, to redeem the years spent at the university as if it were working years for which contributions were paid. But if it is true that this last option risks being too expensive, it is less possible to access a pension fund , a solution that more and more citizens are considering.
According to the Covip data, in fact, about 7, 3 million Italians have chosen an alternative pension and more and more parents who choose to start making contributions for their children through a fund of this kind. And here comes the supplementary pension fund. As its name announces, the supplementary pension is a pension that goes to supplement the state and to fill it where it proves to be too small. Everyone can decide to make a supplementary pension and thus save , month by month, money in view of the integration of the actual pension .
The banking market offers different types of products and you just need to contact your bank of trust to know what are the supplementary pension packages that the same institution offers. In the same way, you can also turn to insurance and stipulate the type of contract most suited to your needs.
In any case, if the public pension is not enough, to guarantee a reasonable income, all that remains is to save money and set aside. Moreover, the estimates and numbers do not make good predictions and it is calculated that those who retire with the contributory system will have a pension allowance equal to about 50% of their average salary .
To date, therefore, the supplementary pension is one of the major forms of savings, and above all investment, for its future. But let's understand better how the social security system works and why in many cases resorting to supplementary pensions is the best choice.
HOW THE SOCIAL SECURITY SYSTEM WORKS
The social security system relies on state mechanisms and is a shared mechanism. This means that the contributions that are paid by the workers are paid to citizens who are retired and who must receive their monthly allowance.
The compulsory provision includes all pension benefits that are guaranteed by law to all citizens and is based on the compulsory contribution, ie on the payment of contributions to the state. The supplementary pension , however, is an integrative system designed to give workers, particularly to young people and students a way to have more money once they are retired.
We have said that the retiring people receive, on a monthly basis, from the INPS their pension provided by the State. To date, the pension calculation takes place through three different calculation systems; the salary system, the contributory system and the mixed system .
There is also the TFR, the much discussed Treatment for severance pay , which allows each worker to leave some of the money at the company and to collect it at the end of the employment relationship. The TFR itself, according to everyone's decision, can then be transferred to a pension fund.
WHAT IS A PENSION FUND?
The pension fund is considered an investment fund . In other words, you save money that can be redeemed when the state pension is reached. In this way, a fixed income is guaranteed in addition to the state pension, which, especially in the case of calculation with the contributory system, is likely to be too small.
To understand which pension fund could be for us, the first thing to think about is what is defined as a "pension gap", that is how much, in economic terms, you can count on retirement. The INPS provides a useful tool, called "my pension" which can be accessed directly from the site and allows you to calculate, through estimates and estimates, the value of the pension.
The amount obtained will then need to add the money deriving from the investment made by the TFR, at the company or at a pension fund. When the retirement estimate and prediction will be clearer, the social security gap will also appear , which at this point represents the difference between the money expected to receive as a pension and what will actually be paid by the INPS.
At this point, the amount you want to put aside to make sure you get as close as possible to your expectations will be clearer. Then, whoever decides to join a pension fund, will have to pay a fixed amount each month that, for employees, can also be added a company contribution. Self-employed workers, on the other hand, can choose independently how much to pay.
TYPES OF PENSION FUNDS
There are different types of pension funds, which each can choose based on the needs, the type of yield they offer and also on the basis of the investment necessary to enter into such an agreement. The pension funds that most people resort to are three , different in terms of characteristics and contract conditions.
The open pension funds are those managed by banks and insurance and are open to all workers. The closed pension funds , on the other hand, are the result of the agreement between trade unions and employers' organizations and, for this reason, only certain categories of workers can join. There are also individual pension plans , very similar to pension funds but structured in such a way as to function as a life insurance policy.
Those who subscribe to a pension fund may choose to invest the capital through various financial instruments , such as shares or bonds. Depending on the contract stipulated, it is possible to choose between different investment strategies, which may have a more or less high risk depending on the agreements.
The expected return is how much the fund's owners expect to be able to obtain in economic terms , while the risk represents the possibility of losing the money invested. The greater the risk, the greater the chance to earn, but this obviously depends on the needs of everyone and the possibility, or not, to risk with an investment of this type.
Some funds follow more risky strategies , other more prudent strategies . The more time passes, then, the capital and the yield accumulates, while if you invest in the financial market you can never know what the actual result will be. In any case, once the citizen has access to the pension, half of the capital can be withdrawn immediately, while the remaining part can become a full-fledged pension.
Or, another alternative, it is possible to withdraw the entire countervalue at maturity if the capital rents are less than 50% of the pension provided by the State. Anything that is accrued over time within a pension fund can, depending on the case, be redeemed even before the actual retirement, but only if there are urgent and proven reasons, such as the purchase of a house, the state of unemployment or health reasons. In other cases it is possible to withdraw 30% of the amount paid , but only if eight years have elapsed since the stipulation.
ADVICE FOR CHOOSING A PENSION FUND
The best way to start choosing the pension fund that best meets your needs is to be as informed as possible on the subject. Do not rush, therefore, but inquire, read, ask for walls and compare more options.
When you have a little clearer ideas, do not hesitate to contact the bank or an insurance institution to request more information. You can also take several appointments in different banks and branches, request information leaflets and then choose the solution that seems most advantageous to you, even on the basis of the money you want to invest.
Lastly, do not take any risky steps and consider your choices well, depending on what your current income is, how much money you can allocate to the pension fund, without this affecting your current economic well-being in a negative way.
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