JANUARY 1999 
 
 

A big opportunity for self-workers and employees, that can integrate conspicuously the offered covering of the public retirement plan

.Pension trusts are financial and social-security instruments introducing a meaningful element of novelty in the Italian retirement plan scenario. Indeed, beside the pension brought by the payments to Inps, self-workers and employees will be able to enjoy of a complementary retirement plan, entrusted just to the pension trusts that can be 'close', that is reserved to determined categories or enterprises realities, or 'open'. The novelty is really wide impact, both by the cultural and technical point of view. Pension is not any more an unknown but it is a certainty, to build along time. In details, to give an answer to an employment dynamics, more and more featured by mobility, it is possible, thanks to the opened trust, to receipt single previous social-security positions, coming from other trusts or to ascertain the payments made by whom, for several reasons, cannot be admitted to the close trusts. An honest approach to the pension trusts involves two premises. The first one: they do not rise to solve financial problems of the Italian public retirement plan. The second one: they do no represent either a sort of fiscal paradise (notwithstanding the easy terms featuring them) or the instrument able to introduce millions workers into the El Dorado of financing. How is it to be realistically interpreted the Pension trust, beyond rhetoric? As an investment destined to the ancient age, and so, necessarily long term, for which the security element will be very important and wherein speculative adventures will be avoided. With theses cautions and reservations Pension trusts will be an important factor for retirement integration within a society where a public retirement plan can reasonably cover the social-security requirements only for a minor part of the current ones. Furthermore, the Pension trust, correctly planted, can be the way to allow the Italian financial markets to get major prominence, opening, flexibility and professionally. They will benefit not only by the return offered to savers, but also by the enterprise investments and then in conclusion the whole economy will be advantaged. In this middle-long term perspective a slow and meditated start-off can represent a more solid ground than a rapid take-off but followed by great disappointment.Why are the Pension trusts expedient? The retirement bonus allocated by enterprises returns a profit (1,5% per year plus the 75% of the inflation rate). Paying part of this amount into a pension trust it will return a major profit. At any extent, enrolling to a Trust will be vital for who is less than 45 years old since future pensions will be lower than current ones. Which is the tax break it is possible to benefit from? On employers' charge contributions are not counted into the employee's income tax return and are deductible from enterprise income. On workers' contributions are income deductible till a maximum of two millions and a half. All self-workers (artisans, traders and professional) can deduct till 5 millions.

 
OPEN PENSION TRUSTS: READY PROMPT AND ALWAYS SURE A valid instrument to solve the future reduction of public pensions arrives in advance from SAI. It has already risen the SAI open pension trust the self-workers, professionals, co-operative workers and employees of small and middle enterprise can be admitted to immediately. For these the future life standard can reckon on more securities and important personal warrants. Contributions of every worker will be capitalised into individual accounts and, differing from the Inps current retirement plan, are not used to finance the Trust disbursements; on the contrary they are invested in the financial markets to offer the payer the best return opportunities. Indeed, the worker can choose, according to his needs, among three investment lines, two of which warrant a minimum return.