Fondo Pensione Calculator

A payroll contribution is excluded from your employment income before Italy's progressive brackets apply, so the immediate saving tracks the rate on the income you no longer report, plus a smaller effect from how the income-linked tax credits and the regional and municipal surtaxes move as your reported income falls. A personal contribution deducted the other way, under TUIR art. 10, only affects the bracket and surtax base and leaves those credits at your unreduced income, which is why the calculator's payroll and personal modes usually give different savings for the same amount.

Italy's 2026 budget law raised the yearly deductible cap to 5,300 EUR, employee and employer contributions combined (TFR conferment is excluded from that cap). Anything you contribute above it still goes into the fund and still compounds, but it earns no IRPEF saving now, and the law compensates by making that same amount tax-free when it comes back out at payout, unlike the deducted portion, which is taxed then. The calculator applies the cap automatically and shows the non-deducted amount when it binds.

Unlike a taxable brokerage account, a fondo pensione pays an imposta sostitutiva on its accrued result every year rather than only when you eventually cash out. The standard rate is 20%, but income from Italian government bonds is taxed on only 62.5% of that share, for an effective 12.5%, so a bond-heavy comparto usually sees a lower blended rate than an equity-heavy one. The calculator applies one effective rate you set, meant to sit between those two figures depending on your fund's allocation.

The withholding applies only to the contributions you deducted, since the fund's returns were already taxed annually and non-deducted contributions are tax-free by law. For capitale, rendita, and prelievi the rate starts at 15% and falls by 0.30 percentage points for every year of participation beyond the 15th, down to a 9% floor reached at 35 years. The reform's new erogazione frazionata option starts at 20% and falls by 0.25 points per year past the 15th, down to a 15% floor. Years already enrolled before you start count toward that total, which the calculator lets you enter separately from the years still to go.

Most Italian collective agreements (CCNL) define the employer's matching contribution as a percent of your gross salary, conditioned on the employee putting in their own share first; contributing nothing usually means forfeiting the match entirely rather than receiving a smaller one. The calculator reflects that by leaving the employer contribution rate at zero unless you set it, and by excluding it from the taxable-alternative comparison, since that money only exists inside the fondo pensione scenario in the first place.

It taxes the whole projected capital as a single capitale-style payout at the schedule you choose, rather than modeling the 60% capital and 40% annuity split the reform allows above the annuity-conversion threshold, since rendita, prelievi, and capitale already share one withholding schedule and only the timing differs. It does not model the extra deducibility available to workers first employed after 2007, early access through anticipazioni or riscatti, pre-2007 montante regimes, or a mid-2026 payout taken under rules that predate the reform. It also assumes a standard single-employment income profile, the same simplification the Italy net salary calculator uses. For the separate question of whether to leave TFR with your employer or move it into a fund, that comparison lives in its own calculator.