TFR and supplementary pensions: what to compare
An educational comparison based on 2016–2025 COVIP data and rules in force for the 2026 tax year. Historical data are not a forecast, and suitability depends on individual circumstances.
Key Takeaways
- In 2016–2025, equity open pension funds returned an average 5.1% net per year, versus 2.5% TFR revaluation
- From the 2026 tax year, the ordinary annual contribution deduction limit is €5,300; TFR is excluded
- Costs, risk, guarantees, taxation and time horizon must be assessed together
Sources and transcript
Sources and references
Transcript and notes
For 2016–2025, COVIP reports average annual net returns of 5.1% for equity open pension funds and average TFR revaluation of 2.5%. These are historical figures, not indications of future returns.
TFR and supplementary pensions follow different tax rules. The outcome depends on the individual position, membership length and payment method.
From the 2026 tax year, the ordinary annual contribution deduction limit is €5,300, excluding TFR. The actual benefit depends on the individual's tax position.
The decision requires comparing costs, risk, guarantees, taxation and time horizon.
The video is in Italian and contains no audio. This transcript provides the same on-screen content in the language of this page.