PENSION FUND REDEMPTION
Pension Benefit as Annuity
What is the pension benefit as annuity?
The pension benefit as annuity is a form of supplementary pension paid out periodically for the entire lifetime of the member, once the right to the state pension has been accrued.
The amount of the annuity is calculated based on the capital accumulated by the member and their age at the time of retirement. This calculation is done by applying conversion coefficients that consider factors such as the demographic trends of the Italian population, and is differentiated based on the age and gender of the member.
In summary, a larger capital or an older age at retirement results in a higher annuity.
When does one acquire the right to the pension benefit as annuity?
As already seen in the page related to the pension fund redemption, the right to the supplementary pension benefit (for simplicity, supplementary pension) is acquired once the requirements for accessing the mandatory pension have been met, with at least five years of participation in the supplementary pension system.
The member can choose to receive the pension benefit (supplementary pension):
- entirely as an annuity, through the payment of the supplementary pension in various installments;
- partly as capital (up to a maximum of 50% of the accrued position) and partly as an annuity
ATTENTION!
If, by converting at least 70% of the accrued individual position into an annuity, the amount of the supplementary pension is less than half of the INPS social allowance (you can check the updated value on the website www.inps.it), the member can choose to receive the entire benefit as capital.
For the purpose of determining the enrollment seniority necessary to obtain supplementary pension benefits, all periods of participation in supplementary pension schemes accrued by the member are considered useful, provided that the member has not exercised total redemption for those periods.
What types of pension benefit as annuity does Fondapi offer
The pension benefit as annuity transforms the accumulated capital into periodic income, ensuring financial security during retirement.
Since the needs of members can be very different, Fondapi allows you to choose from various options, designed to meet your priorities: higher income, protection for your loved ones, or support in case of needs such as loss of self-sufficiency.
Choose the solution that best suits you!
Immediate lifetime annuity
The immediate lifetime annuity with revaluation and single premium guarantees the member a periodic payment for life, ceasing upon their death.
It is ideal for those who want to obtain the highest possible amount from the accumulated sum, without providing protections for survivors or additional coverage for themselves.
Immediate lifetime annuity certain for 5 or 10 years
The immediate lifetime annuity certain for 5 or 10 years guarantees a periodic payment to the member or their beneficiaries for the first 5 or 10 years.
If the member is still alive at the end of this period, the annuity continues for their entire life; otherwise, it ceases. It is ideal for those who want to protect their survivors for a limited period. The beneficiary can be changed even after payments have begun.
Immediate lifetime annuity with reversibility
The immediate lifetime annuity with reversibility guarantees a periodic payment to the member for life. Upon their death, the annuity passes to the designated beneficiary (reversionary), in full or in part, and ceases with the death of the latter. It is ideal for those who want to ensure a source of income for a survivor. Once payments have begun, the beneficiary CANNOT be changed.
Immediate lifetime annuity with decreasing counter-insurance
The immediate lifetime annuity with counter-insurance guarantees a periodic payment to the member for life. Upon their death, the beneficiaries receive a capital sum, if the initially paid amount is greater than the total already paid out as an annuity.
It is ideal for those who want to ensure that survivors can receive the residual part of what has not been received in the form of an annuity.
The beneficiary can be changed even after payments have begun.
LTC Annuity
The immediate lifetime annuity with increase in case of loss of self-sufficiency guarantees a periodic payment to the member for life.
If during the payout period the member loses self-sufficiency, the amount of the annuity doubles. The annuity ends with death and is available only for members up to 70 years old, subject to risk acceptance by the insurance company.
Annuity simulator
Are you considering which annuity to choose for your future?
Use our annuity simulator: a simple and intuitive tool that helps you compare the different options available and find the one that best suits your needs.
Additional informative documentation
The contractual documentation for annuities, available in the “Other documents and calculation engines” section of the website page “OFFICIAL DOCUMENTS”, to which we refer for any further details.
Is retirement approaching?
If you have less than 6 months until retirement and you want to be contacted by Fondapi for a personalized consultation, book it using the button below.
Or write an email to pensione@fondapi.it indicating your name and your question: we will contact you as soon as possible!
