Families who want to register the Pir (Individual savings plans) to minor children to make it a supplementary pension tool will be able to do so. This is one of the most important novelties of the application circular of the Revenue Agency expected shortly. But that won't be the only news. the circular will also overcome the impasse created by a typo of the 2017 Stability Law which introduced the PIR by unlocking investments in financial instruments other than shares (mainly bonds).
It was the president of Assogestioni, Tommaso Corcos (read the interview given to FIRSTonline), to anticipate the news on the occasion of the presentation of the three funds aimed at the PIRs that Eurizon Capital of the Intesa Sanpaolo group launched during the days, of which Corcos is CEO and general manager, and which raised 30 million in just one week.
The possibility of making PIRs also available to minors, through a special tax code provided by the Revenue Agency, expands their range of action and attractiveness, prompting families to invest in PIRs also as a social security function for their children. Investments that can reach 30 thousand euros a year up to a maximum of 150 thousand euros in five years and which are particularly suitable for families.
The advantage of the PIRs, which oblige managers to invest 70% of the capital raised in Italian companies or in any case structured in Italy (the classic case is that of Fiat Chrysler), is mainly fiscal because those who keep the investment for at least five years are completely exempt from taxes on profits (both from dividends and capital gains) and also from taxes on gifts and inheritances. Anyone who wants to redeem the Pir before the age of 5 loses the tax relief but the Pir can always be liquidated.
Some managers, such as Eurizon Capital, also guarantee PIR subscribers a free insurance policy in the event of death or disability.
In the first weeks after the debut of the Pir, the whole world of asset management got underway: from Anima Sgr, which was the first to launch products dedicated to the Pir, to Arca, Ersel, Kairos, Eurizon Capital and soon Pioneer and Generals Italy. This is why the goal of raising 16 billion euros with the PIRs appears more realistic every day. All the more so if, in addition to mutual fund managers, ETFs will enter the field and if social security institutions will be able to raise the portion that can be invested in PIRs from 5% to 15% of their assets.
