Chapter

Italy: From Bismarckian Pensions to Multipillarization under Adverse Conditions

Matteo Jessoula

in The Varieties of Pension Governance

Published in print March 2011 | ISBN: 9780199586028
Published online May 2011 | e-ISBN: 9780191725586 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199586028.003.0006
Italy: From Bismarckian Pensions to Multipillarization under Adverse Conditions

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In Italy, the move from a dominant public pension pillar based on a pay-as-you-go-financed Bismarckian social insurance towards a multipillar system is an instructive example of a ‘top-down’ process pursued by governments in order to compensate for the far-reaching pension reforms in the 1990s. Change began during difficult socio-economic and financial conditions when policymakers opted to exploit the pre-existing severance-pay scheme as an ‘institutional gate’ in order to boost private supplementary pensions. However, this strategy ruled out compulsory affiliation to the new funded schemes, thereby limiting their potential coverage. The establishment of supplementary pensions has recently given rise to a ‘new politics’ putting pressure on policymakers, employers, and trade unions for regulatory harmonization between occupational funds and personal pension schemes.

Keywords: Italy; Bismarckian social insurance; pension reform; multipillar pension system; public pension; occupational pensions; severance pay; employers; trade unions

Chapter.  11518 words.  Illustrated.

Subjects: Political Economy

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