COVIP contribution 2026: what changes and the tax on pension funds

A change in the rules on the COVIP supervisory contribution COVIP reignites the debate: the new “mini wealth tax” on funds could act as a tax on pension funds, affecting costs and net returns.

What the new COVIP contribution provides for

From 2026 the COVIP supervisory contribution for pension funds will no longer be calculated on annual inflows, but on the entire managed assets allocated to benefits.

In particular, COVIP has set for 2026 a rate of 0.06 per thousand, to be paid by 30 June, applied to the resources allocated to benefits as of 31 December 2025.

From a flow-based to an asset-based calculation: the impact of the change

However, the shift from a flow-based to an asset-based calculation changes the distribution of the charges. Until 2025 a rate of 0.5 per thousand was applied to flows; from 2026 a rate of 0.06 per thousand is applied to total assets. This can increase the amount for funds with large assets under management compared to annual flows.

Moreover, the effects depend on the relationship between contributions paid over time and capital accumulated.

As a result, long-term members in mature funds could, indirectly, bear a greater burden than new members, if the charges were passed on to management costs.

Fund size and contribution seniority

Fund size is a key factor: larger funds may be more penalized by the new base. Therefore, the individual impact depends on the gap between historical flows and accumulated assets and on the cost pass-through policy adopted by operators.

Why it is called a “tax on pension funds”

Milano Finanza sparked the debate by talking about a “mini wealth tax”. The reason is that, while the rate is reduced, the tax base is broadened: in 2025 inflows amounted to 17.4 billion, while the total capital of the funds amounted to 261.2 billion.

Therefore, a rate of 0.06 per thousand on assets can be, in absolute terms, worth more than 0.5 per thousand on flows alone. According to reconstructions, for the coming years a potential maximum of 0.1 per thousand has also been mentioned. However, the dynamics remain heterogeneous from fund to fund.

Political positions and regulatory context

The Five Star Movement has criticized the measure, arguing that it will reduce future returns and therefore workers’ pension benefits. The debate heated up around 27 May 2026. In practice, the change stems from the NRRP decree converted into law on 20 April 2026.

In addition, sources cite a COVIP resolution of 18 March 2026 and mention the Supervisory Commission, chaired by President Mario Pepe, within the relevant regulatory framework.

What changes for savers and operators

Formally, the contribution is borne by supervised operators. However, higher charges may be reflected in fund costs. Consequently, members’ net returns could decrease, especially in segments with high assets compared to current flows, fueling the debate on the pension fund wealth tax.

Moreover, the 30 June deadline requires financial planning by the obligated parties.

Overall, the final effect will depend on the cost policies of individual funds and on the supervisory framework for the COVIP contribution on pension funds.

Deadlines and figures to monitor

• 0.06 per thousand in 2026 on resources as of 31 December 2025.
• Payment by 30 June.
• Historical comparison: 0.5 per thousand on flows up to 2025.
• 2025 figures: inflows 17.4 billion; total assets 261.2 billion.
• References: COVIP resolution of 18 March 2026; NRRP decree converted on 20 April 2026; articles of 27 May 2026.
• Maximum mentioned for the coming years: up to 0.1 per thousand.