A change within the guidelines on the COVIP supervisory contribution COVIP reignites the controversy: the brand new “mini wealth tax” on funds may act as a tax on pension funds, affecting prices and web returns.
What the brand new COVIP contribution offers for
From 2026 the COVIP supervisory contribution for pension funds will not be calculated on annual inflows, however on all the managed belongings allotted to advantages.
Specifically, COVIP has set for 2026 a charge of 0.06 per thousand, to be paid by 30 June, utilized to the sources allotted to advantages as of 31 December 2025.
From a flow-based to an asset-based calculation: the impression of the change
Nonetheless, the shift from a flow-based to an asset-based calculation adjustments the distribution of the fees. Till 2025 a charge of 0.5 per thousand was utilized to flows; from 2026 a charge of 0.06 per thousand is utilized to whole belongings. This may enhance the quantity for funds with massive belongings underneath administration in comparison with annual flows.
Furthermore, the results rely upon the connection between contributions paid over time and capital collected.
Because of this, long-term members in mature funds may, not directly, bear a better burden than new members, if the fees have been handed on to administration prices.
Fund dimension and contribution seniority
Fund dimension is a key issue: bigger funds could also be extra penalized by the brand new base. Subsequently, the person impression is dependent upon the hole between historic flows and collected belongings and on the price pass-through coverage adopted by operators.
Why it’s referred to as a “tax on pension funds”
Milano Finanza sparked the controversy by speaking a few “mini wealth tax”. The reason being that, whereas the speed is diminished, the tax base is broadened: in 2025 inflows amounted to 17.4 billion, whereas the whole capital of the funds amounted to 261.2 billion.
Subsequently, a charge of 0.06 per thousand on belongings might be, in absolute phrases, value greater than 0.5 per thousand on flows alone. Based on reconstructions, for the approaching years a possible most of 0.1 per thousand has additionally been talked about. Nonetheless, the dynamics stay heterogeneous from fund to fund.
Political positions and regulatory context
The 5 Star Motion has criticized the measure, arguing that it’s going to cut back future returns and due to this fact employees’ pension advantages. The talk heated up round 27 Might 2026. In follow, the change stems from the NRRP decree transformed into legislation on 20 April 2026.
As well as, sources cite a COVIP decision of 18 March 2026 and point out the Supervisory Fee, chaired by President Mario Pepe, throughout the related regulatory framework.
What adjustments for savers and operators
Formally, the contribution is borne by supervised operators. Nonetheless, greater fees could also be mirrored in fund prices. Consequently, members’ web returns may lower, particularly in segments with excessive belongings in comparison with present flows, fueling the controversy on the pension fund wealth tax.
Furthermore, the 30 June deadline requires monetary planning by the obligated events.
General, the ultimate impact will rely upon the price insurance policies of particular person funds and on the supervisory framework for the COVIP contribution on pension funds.
Deadlines and figures to observe
- 0.06 per thousand in 2026 on sources as of 31 December 2025.
- Cost by 30 June.
- Historic comparability: 0.5 per thousand on flows as much as 2025.
- 2025 figures: inflows 17.4 billion; whole belongings 261.2 billion.
- References: COVIP decision of 18 March 2026; NRRP decree transformed on 20 April 2026; articles of 27 Might 2026.
- Most talked about for the approaching years: as much as 0.1 per thousand.