Pensions will be the hot topic of autumn 2015. The Government wants to introduce greater flexibility in terms of output by amending the Fornero law and today the premier Matteo Renzi he said he was confident about the possibility of succeeding with the next Stability Law, "therefore in October-November". As for the reimbursements of the revaluations of the treatments exceeding three times the minimum, blocked by the Salva Italia of the Monti government with a decision declared unconstitutional by the Consulta, "we have recovered 2 billion euros - added the Prime Minister arriving today at the secretariat of the Democratic Party - and we give them to those 4 million citizens who are entitled to them”.
Criticisms are coming from the union side, however. The general secretary of the CISL, Annamaria Furlan, he underlined that "with the one-off payment and the revaluation starting from 2016, only a small part of the money will be returned to the pensioners". Therefore the government's response to the sentence of the Constitutional Court, “is not enough – continued the trade unionist on the microphones of La7 -, it is insufficient. We need a program to bring revaluations closer to what they should be. Of course, the union realizes that an immediate and complete answer could not be found, an amount equal to a financial one would be needed ".
Meanwhile, light is beginning to be shed on various technical aspects relating to refunds.
DECREASING REVALUATIONS: THE PERCENTAGES FOR 2012-2013
The decree provides for a partial refund of the revaluations, with refunds that decrease as the pension increases. Here is the scheme valid for the two-year period 2012-2013:
– for pensions up to three times the minimum, of course, nothing will change: the revaluation will continue to be guaranteed 100 percent;
– revaluation to 40% for pensions over three times and up to four times the minimum;
– revaluation to 20% for pensions over four times and up to five times the minimum;
– revaluation to 10% for pensions more than five times and up to six times the minimum;
- none revaluation for pensions from six times the minimum onwards.
DECREASING REVALUATIONS: THE PERCENTAGES FROM 2014 ONWARDS
As for the years from 2014 onwards, the revaluation operates according to a somewhat different scheme:
- revaluation to 100% for pensions up to three times the minimum;
- revaluation to 95% for pensions over three times and up to four times the minimum;
- revaluation to 75% for pensions over four times and up to five times the minimum;
- revaluation to 50% for pensions more than five times and up to six times the minimum;
- none revaluation for pensions from six times the minimum onwards.
For the two-year period 2014-2015 these percentages will be calculated on the 2011 basic pension, adjusted with an integration of the revaluation equal to 8% for pensions up to three times the minimum, 4% up to four times and 2% up to five times. The latter percentages will rise from 2016 to 20, 10 and 5 percent respectively.
IRPEF LIGHTER AND WITHOUT LOCAL ADDITIONALS
The one-off payment of the refunds will almost certainly be subject to separate taxation, which makes it possible not to accumulate the sum returned to the income received during the year. The taxation will be lighter than the ordinary one thanks to an average personal income tax rate that is generally more favorable for the taxpayer (by adding and then dividing by two the total net income of the two-year period preceding the year in which the sums are received). Furthermore, municipal and regional surcharges will not be applied. If, on the other hand, it turns out to be more convenient for the taxpayer, during the final payment of the tax, to add the refund to the current year's income, the financial administration will opt for this second solution.
CALCULATION EXAMPLES
Before moving on to the numbers, let us clarify three points: first, the recognized revaluation for 2012 is equal to 2,7%, while that for 2013 reaches 3%; second, the revaluation relating to 2012 must be considered twice, because it also affects 2013; thirdly, all the sums to which we refer are gross, but the taxation, as explained in the previous paragraph, will be lighter than the ordinary one.
Here is a scheme with some examples for calculating reimbursements:
– Gross pension 2011 of 1.500 euros (between three and four times the minimum) + 2012 revaluation of €210,6 (multiplied by two) + 2013 revaluation of €236,5 = Full refund of €657,7.
– Gross pension 2011 of 1.700 euros (between three and four times the minimum) + 2012 revaluation of €238,7 (multiplied by two) + 2013 revaluation of €268,1 = Full refund of €745,4.
– Gross pension 2011 of 2.000 euros (between four and five times the minimum) + 2012 revaluation of €140,4 (multiplied by two) + 2013 revaluation of €156,8 = Full refund of €437,6.
– Gross pension 2011 of 2.300 euros (between four and five times the minimum) + 2012 revaluation of €161,5 (multiplied by two) + 2013 revaluation of €180,4 = Full refund of €503,3.
– Gross pension 2011 of 2.700 euros (between five and six times the minimum) + 2012 revaluation of 94,8 euros (multiplied by two) + 2013 revaluation of 105,6 euros = Full refund of 295,1 euros.
