New rules for those starting to work in the private sector: automatic membership of pension funds, new rules on severance pay and different possibilities for collecting the supplementary pension
The supplementary pension reform envisaged by the 2026 Budget Law comes into force from 1 July. The rules on pension funds for those who start working, the destiny of the TFR (Severance pay) and the ways in which, once retired, you can collect the amount accumulated in the pension fund.
Pension funds: the three main changes from 1 July
There are three big changes in force from July 1st. First, automatic enrollment to pension funds for those starting their first work experience in the private sector. Then they arrive new rules on severance paywith tighter times to decide where to bring it together. And finally there there will be more ways to cash in on the accumulated capital once you reach retirement.
Automatic membership of the pension fund from 1 July: who it concerns and how it works
From 1 July, private sector employees (excluding domestic workers) who start their first work experience they come registered automatically to the pension fund provided for by the collective agreement applied. If the CCNL does not indicate a reference fund, registration takes place automatically in the Cometa Fund, that of metalworkers. If more than one trading fund is active in the company, registration goes to the one with the most membership among the company’s employees. Until now the mechanism was that of silent consent for six months, from now on that mechanism no longer exists. The worker can refuse to register, but time is limited. He has 60 days from the start of the employment relationship to give upby filling out a dedicated form. Without formal renunciation, the registration remains valid and becomes irreversible: those who join, by choice or automatically, can no longer return to the old TFR regime in the company. In case of cancellation however, as the TFR accrues, it can be directed to another form of supplementary pension chosen by the worker, or remain in the company. But be careful: if the company has more than 50 employees, the TFR does not remain in the company but flows into the INPS Treasury Fund, as already provided for by the general rules. For those who have already worked in the past, nothing changes automatically: the choices already made regarding the pension fund and severance pay remain valid, unless the worker decides again. The employer must however inform him about the options available and verify the choice already made.
TFR and contributions: who pays what and what changes
With automatic membership to the fund comes the TFR accruingThe employer contribution (when provided for by the collective agreement) and, in some cases, a contribution paid by the worker. The latter, however, is not mandatory if the gross annual salary is lower than the value of the INPS social allowance, set for 2026 at 546.24 euros for 13 months.
The financial management of contributions changes: automatic membership payments are no longer placed by default in the guaranteed segment, but in a segment more consistent with the worker’s age and time horizon, i.e. how many years remain before retirement. Another change, in theory, concerns the portability: from 31 October 2026 it will also be possible to transfer the contribution paid by the employer to another pension form, which is not currently permitted if you leave the category fund.
Supplementary pension: more options arrive when it comes to cashing out
Then there is something new that concerns leaving the world of work and you have to decide how to use the accumulated capital. It will still be possible to collect everything in a single payment, but only if the accrued amount does not exceed a threshold established by law, which varies based on gender and age at the time of retirement (to find out your situation you need to ask your pension fund or a trade union). But other options are possible from now: temporary annuities (a periodic income for a defined time); scheduled or split services (the capital is paid in installments over time); mixed formulas (a part of the capital immediately and the rest in the form of an annuity). Each worker will be able to choose the preferred combination for cashing out.
