With the 2026 Budget Law (Law No. 199/2025), the legislature introduces significant measures affecting pensions, taxation, and the management of employment relationships.

These are technical changes, but with very tangible effects on both corporate and personal planning.

Building on the technical analysis provided by Azimut Capital Management, we offer a reflection on the main innovations introduced by the 2026 Budget Law, with the aim of highlighting the legal and strategic aspects of greatest interest to the business community.

Public pensions: apparent stability, gradual change

For 2026, the requirements for access to standard early retirement remain unchanged (42 years and 10 months of contributions for men, 41 years and 10 months for women), with a three-month waiting period.

However, the framework is not static: a gradual increase in contribution requirements is already scheduled to begin in 2027.

Old-age pensions are also set on an upward trajectory linked to life expectancy.

This is a factor that, although well known, continues to affect workforce planning and generational turnover, particularly in larger, more structured companies.

The extension of the Social APE scheme until 31 December 2026, together with the discontinuation of Opzione Donna and Quota 103 (save for vested rights), marks a return to more selective and less emergency-driven instruments.

Supplementary pensions: from option to strategic lever

The 2026 Budget Law clearly strengthens the role of supplementary pension schemes.

Higher tax-deductibility limits and measures aimed at first-time workers encourage closer integration between public and private pension provision.

Of particular significance is the introduction, from 1 July 2026, of the “silence-as-consent” mechanism for newly hired employees in the private sector.

In the absence of an explicit choice, severance pay (TFR) will automatically be paid into the relevant collective pension scheme.

This innovation involves not only employees, but also employers, who become active participants in the information process and in the correct management of pension choices.

Greater flexibility at retirement, greater responsibility in decision-making

The legislature also intervenes in the methods for paying out supplementary pension benefits, increasing the portion that may be taken as a lump sum and introducing new payout options as alternatives to the traditional life annuity.

While these changes expand members’ freedom of choice, they also make informed evaluation of the available options even more crucial.

Different choices produce different effects from a tax, inheritance, and asset-planning perspective.

Also noteworthy is the strengthening of the portability of employer contributions, overcoming constraints linked to collective bargaining agreements and allowing for greater continuity in building up pension entitlements.

Businesses: severance pay, taxation, and welfare policies

On the corporate side, the redefinition of company size thresholds for the transfer of TFR to the INPS Treasury Fund entails new organizational obligations, particularly for growing businesses.

These measures are accompanied by tax provisions that directly affect remuneration and welfare policies: from the reduction of the personal income tax (IRPEF) rate for certain income brackets to the significant tax relief on performance bonuses for the 2026–2027 biennium.

If properly integrated, these measures can become powerful tools for attracting and retaining talent, but they require close coordination between legal, tax, and financial functions.

Pension and tax reforms are increasingly intertwined, and Allavelli Legal, together with Azimut Italia, supports companies and professionals in interpreting and implementing these changes.

The Legal Firm is available to run pension scenario simulations for those who may be interested.