Pension fund vs ETF: tax saving calculator
How much does an Italian pension fund really save you in tax, and how much is left at the end compared with investing the same amount in ETFs? Using 2026 tax rules.
Assumptions (editable)
Pension fund exit tax: — on deducted contributions.
How the comparison works
- Pension fund: your contributions are deductible up to €5,300 a year (employer contribution included). The income tax saving uses the 2026 brackets (23%, 33%, 43%). Returns are taxed at 20% each year; on exit you pay 15% down to 9% on deducted contributions only.
- ETF: you invest the same amount you'd pay in yourself (no employer contribution, no deduction). You pay 0.20% stamp duty every year and 26% on the gain when you sell at the end.
- Reinvested tax saving: for a fair comparison, the yearly tax refund is invested in ETFs and added to the fund result. Untick it to see the fund on its own.
What the number doesn't tell you
A pension fund is locked until retirement, apart from advances and RITA, and on exit you can take up to 60% as a lump sum: the rest becomes an annuity. An ETF is always available. If you want to stop working early, liquidity matters as much as returns: see the guide pension fund or investment plan. The calculation excludes TFR and applies 20% tax to all fund returns, including the government bond part (actually taxed less), so it's slightly cautious for the fund.
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Book a free callEducational simulation based on the stated assumptions and on the tax rules in force in 2026. This is not investment advice or a personal recommendation.