Sixty days to say no, otherwise the pension fund kicks in automatically. From July 1, 2026 changes one of the most important rules for new hires in the private sector: enrollment in supplementary pension schemes starts immediately, from the first day of work, and no longer after six months of silent consent on the TFR. The news concerns above all who is entering the market now Private sector workers, excluding public employees and domestic workers. The pension fund may include accrued severance pay, employer contributions, and employee contributions, as provided for by the applicable collective bargaining agreement. Those wishing to opt out must notify the fund within 60 days of hiring.
The reform, introduced by the 2026 Budget Law, aims to broaden the number of pension fund members. The government's goal is increase the number of people enrolled in supplementary pension schemes, currently standing at approximately 10,5 million workers, equal to just under 40% of the workforce. The State General Accounting Office estimates that the new automatic system could generate approximately 100 additional registrations each year. But the reform doesn't just bring new registrations: starting October 31, the most controversial chapter will also open: that of portability of the contribution of the employer, already at the centre of the conflict between the law, businesses and unions.
Pension Fund: Goodbye to the six-month silence
The most visible novelty concerns the times. Until now the newly hired worker had six months to decide Whether to allocate the severance pay to supplementary pension provision or maintain it in the traditional regime. In the absence of an explicit choice, silence was transformed into consent and the severance pay was transferred to the relevant pension fund. From July 1, 2026, however, the mechanism reverses and accelerates. Private employees hired from that date are considered a member of the pension fund from the first day of work, unless they opt out within 60 days. The new rules do not apply to public employees, domestic workers, and, according to the operational guidelines, fixed-term contracts lasting less than 60 days.
If the worker does not submit the waiver within the expected time, in the TFR accruing flows into the fund, the employer's contribution and the employee's contribution, in the amounts established by the applicable collective bargaining agreement. The choice, once consolidated, remains irreversible: who enters the supplementary pension scheme, by explicit decision or automatically, cannot go back to the old system of the severance pay left in the company.
TFR, contributions and destination fund
Il landing pension fund it will be that provided for by collective agreements or contracts applied within the company. When multiple funds exist, the allocation is determined based on the highest number of employee enrollments, unless otherwise specified in company agreements. If there is no reference fund, automatic enrollment will occur in the residual Cometa fund, the metalworkers' fund.
The worker still retains a selection windowWithin 60 days of hiring, the employee can refuse automatic enrollment, choose another form of supplementary pension, or maintain their severance pay under the ordinary rules. In the latter case, the severance pay remains with the company if the company is of the size required by current regulations, or is transferred to the INPS Treasury Fund when the conditions are met.
La Covip directive The agreement clarified a key point: automatic enrollment doesn't just concern severance pay. When the collective bargaining agreement provides for contributions, both the employer's and employee's contributions are also included. The amount is not the same for everyone, as it depends on the contract and the relevant fund. However, the employee's contribution is not mandatory if their gross annual salary is less than the annual value of the INPS social security benefit, which in 2026 will be €546,24 for 13 months.
What happens to those who change jobs?
The reform does not only concern those entering the private job market for the first time. Even those who have already worked in the past can be involved, but only under certain conditions. If an employee hired after June 30, 2026, already has a supplementary pension fund funded, even partially, by severance pay, the new employer must inform them of the applicable rules and ask them to indicate within 60 days to which fund to allocate the future severance pay.
If the worker does not express himself, automatic membership may be triggered According to the new rules, if you previously kept your severance pay with the company, or if you fully redeemed your previous pension fund position, your previous choice will continue to apply, while retaining the option to change the severance pay's destination in the future.
The employer will therefore have a more delicate role than in the past. They will be required to inform the employee of applicable collective agreements, available funds, the consequences of automatic enrollment, and the methods of opting out. While awaiting the final ministerial form, a working template has been prepared to manage the TFR selection process and the necessary communications during the first months of implementation of the reform.
More flexible investments and performance
The new regulation also affects the way in which they are invested the contributions deriving from automatic memberships. Simple transfers to guaranteed or particularly prudent sectors are no longer envisaged. Flows must be directed towards paths consistent with the worker's age and the investment time horizon, according to a "life cycle" logic. Covip has envisaged a 12-month transitional phase to allow funds to fully adapt to this new model. However, the reform does not postpone the system's entry into force: automatic enrollment begins July 1, 2026, while the adaptation of investment lines will occur gradually.
They change too methods of providing services upon retirement. Alongside the traditional life annuity, more flexible solutions are becoming possible, such as temporary annuities, split or scheduled benefits, and combinations of initial capital and subsequent annuity payments. The option of receiving the entire capital amount remains when the accrued amount does not exceed the regulatory thresholds.
The portability puzzle from October 31st
Il second major front will open from October 31, 2026, when It should also become possible to transfer the employer's contribution in the event of a transition from a sector-specific collective bargaining fund to an open-ended fund or an Individual Pension Plan. The aim of the regulation is to make competition between collective bargaining funds, open-ended funds, and PIPs more balanced, eliminating the advantage of sector-specific funds tied to employer contributions.
On this point, however, it is announced that clash More delicate. On May 29, the CGIL, CISL, UIL, and the main employers' associations, including Confindustria and Confcommercio, signed a joint notice to link employer contributions to the collective bargaining fund. Essentially, the social partners intend to consider that portion of the compensation package linked exclusively to the sector fund.
The issue is legal and potentially explosive. A union agreement cannot prevail over a state law. If a worker decides to transfer their position to an open-ended fund or a PIP, also requesting the portability of their employer's contribution, the company could find itself caught between the law and the collective bargaining agreement. The result could be a new round of litigation before labor courts.
