Despite the reforms of recent years, the development of pension funds in Italy remains unsatisfactory, limiting workers’ retirement saving and hampering the capital market.This study analyzes the reasons for the lag, examines the potential benefits of supplementarypension schemes for workers,...

Participation in supplementary pension funds allows workers to exploit tax benefits and payroll employees to take advantage of employer contributions. The simulations reported in the paper show that these two components can considerably increase workers' retirement wealth. Data show that returns...