I fondi pensione come strumento di copertura previdenziale e di sviluppo dei mercati finanziari

The chapter examines the role of the pension system as a fundamental pillar of economic security for workers after retirement. Faced with the challenges posed by population ageing and the sustainability of public pension schemes, the chapter highlights the need for complementary instruments capable of supplementing the coverage provided by the first pillar. In this context, pension funds emerge as key mechanisms of retirement savings and as significant drivers of capital market development. The chapter analyses the structural features and main weaknesses of the Italian public pension system, explores the economic and social functions of pension funds, and illustrates their positive impact on financial stability and economic growth through long-term investment. Finally, it outlines future perspectives for supplementary pensions, focusing on regulatory evolution, behavioural dynamics among participants, and strategies to enhance their effectiveness and diffusion.