I fondi pensione negoziali in Italia dopo la riforma: contesto normativo, situazione attuale, aspetti finanziario-attuariali, valutazione dell'opzione di differimento.

The 2005-2007 reform of the italian pension funds (II Pillar) introduced new rules to convert the pension capital into a supplementary retirement income: particularly, it is compulsory for employees of companies with more than 50 employees, to confer the annual TFR quote to a pension fund. In addition: the obligation to convert at least 50% of the pension capital in an annuity and the possibility to defer the choice to a later date were introduced. The reform raises the question whether benefits for workers are positive, and if so, what is the optimal conversion strategy, both in terms of time and amount, for negotiating fund subscribers (even open pension funds or Pip subscribers). The solution of the problem comes from the evaluation of the deferring option of our model, obtained as difference between the present value of an iterate option and the pension capital at the time of requirements for conversion are obtained. We used a simulation via Monte Carlo method, applied to our model on a basis of real data, stochastic processes are used to describe the evolution of interest rates relative to assets involved in the model (interest rate, rate of return of the pension fund and rate of return of the segregated fund).Excluding for some rare exceptions of old negotiating funds, pension funds' life is rather short, and so their data. On the actuarial side, the basic assumption is a deterministic environment, described by ISTAT mortality tables for 2006 and for 2010. Results lead to the conclusion that reforms will introduce a positive valute to pension provisions, compared to a pre-reform situation, on equal terms. Analyzing the results from the economic-actuarial point of view, obtained with the mortality data from ISTAT 2006 table, it seems to be more convenient to use very short deferring periods, where the option assumes the higher values. The analysis of the simulations using data from ISTAT 2010 table, or better with an increased life expectancy, it seems to show a weakening of the strategy, in favor of a longer deferring period. Our work has the hopeful goal of being a point of reference for those who are about to decide whether to adhere to a pension scheme of second pillar and be able to give – even for those who had to join compulsorily – an important contribution to identify the best strategy in building and controlling the level of income in the retirement phase of life.