Pension Reforms in Italy over the Last Decade

In the wave of world-wide social security reform, as one of the countries suffering from aging society, and owing to fiscal pressure, Italy started to reform its pension system since the 1990s, and become a pioneer of NDC. After the reform, Italy set up pillars to support its pension system, and its practices in the passed 10 years show that, “Notional Defined Contribution” is an effectiveone. This paper begins with the examination on the defects of the previous system, the background and reasons of reforms, as well as the changes brought about by the new system. And then, it generalizes the experiences and lessons, the issues and challenges the new system is facing.In the end, it discusses the uncertainties of Italian pension reform in the future.