To understand the contributory part of an Italian pension, separate credited contributions, revaluation of the accumulated balance (montante) and conversion into a gross annual pension. The montante is a calculation balance, not a bank account you can withdraw.
The announced 2026 revaluation multiplier is 1.063359; a new conversion table applies from 1 January 2027. These parameters do not mean a 6.3359% increase in existing pensions or an across-the-board pension cut.
Before you start
- 2026 revaluation
- Multiplier 1.063359: rate 6.3359%
- Conversion at age 67
- 5.608% in 2025–2026; 5.514% from 2027
- Basic formula
- Balance × coefficient = gross annual contributory share
- Limit
- Eligibility age, applicable system and net amount require further information
Section 1
From contributions to the balance
The balance is the basis for the contributory share; check periods and credits with the pension institution first.
- Credited contributions
- Contributions recognised in your insurance record, to be checked with the institution.
- Montante contributivo
- The accumulated and revalued balance used to calculate the contributory share under applicable rules.
- Conversion coefficient
- The percentage for the applicable start date and age, converting the balance into an annual amount.
For a mixed-system pension, this formula concerns only the contributory component. Do not apply it to the whole pension or reconstruct the balance simply by adding every amount on payslips.
Section 2
2026 balance revaluation
ISTAT communicated a multiplier of 1.063359, corresponding to a 6.3359% rate; it applies to balances revalued under pension rules.
Rate: 0.063359 = 6.3359%
Multiplier: 1 + 0.063359 = 1.063359
Multiplier-only example: €100,000 × 1.063359 = €106,335.90. This is not a certified revaluation of an individual record.
- Ministry — 2026 contribution balance revaluation (Italian)Announcement of 21 October read: rate 0.063359 and multiplier 1.063359. Contribution balance revaluation, not indexation of pensions already being paid.
- ISTAT note — 2026 rate and historical coefficients (Italian PDF)Both pages read: rate announcement and table with the 2026 row. The note reports the parameter; individual records must be assessed by the pension institution.
Section 3
Conversion coefficients from 2027
The table in the decree of 16 October 2026 applies from 1 January 2027. At age 67 the coefficient changes from 5.608% to 5.514%.
| Age in the table | 2025–2026 | From 2027 |
|---|---|---|
| 64 | 5.088% | 5.009% |
| 65 | 5.250% | 5.166% |
| 67 | 5.608% | 5.514% |
| 70 | 6.258% | 6.139% |
These are calculation ages, not an automatic right to retire at each age. Partial years and eligibility need the applicable individual assessment. Do not select a retirement date solely from the difference between two percentages.
The new table does not cut pensions already awarded. Compare contributory shares under the conditions applying to their start dates.
- Decree of 16 October 2026 — coefficients from 2027 (Italian PDF)Principle of calculation, effective date and table read, including 5.514% at age 67. The table alone does not establish eligibility age, an individual balance or net pension.
- Decree of 20 November 2024 — 2025–2026 coefficients (Italian PDF)Effective date and comparison table read, including 5.608% at age 67. Comparison at the same balance and age; not a forecast of your pension.
Section 4
Example: the same balance and age
With a €300,000 balance at age 67, the gross annual contributory share alone is €16,824 at 5.608% or €16,542 at 5.514%.
Isolating the coefficient
€300,000 × 0.05608 = €16,824 gross annually
€300,000 × 0.05514 = €16,542 gross annually
Difference: −€282 annually; approximately −1.68%
Illustrative assumptions: identical balance and age, with no other pension components. These are not monthly net figures or an individual forecast.
A real career may involve a different balance, new contributions, age, start date and other pension components. This comparison isolates one parameter; it does not show that every pension falls by 1.68%. The 2026 revaluation rate cannot simply be added to the table's percentage change.
- Decree of 16 October 2026 — coefficients from 2027 (Italian PDF)Principle of calculation, effective date and table read, including 5.514% at age 67. The table alone does not establish eligibility age, an individual balance or net pension.
- Decree of 20 November 2024 — 2025–2026 coefficients (Italian PDF)Effective date and comparison table read, including 5.608% at age 67. Comparison at the same balance and age; not a forecast of your pension.
- ISTAT note — 2026 rate and historical coefficients (Italian PDF)Both pages read: rate announcement and table with the 2026 row. The note reports the parameter; individual records must be assessed by the pension institution.
Section 5
Before a simulation: records and obstacles
Check your insurance record and compare identical assumptions; an estimate does not certify your pension.
Check credited periods
Read the institution's statement and report missing or incorrect periods before relying on an estimate.
Record the assumptions
Note the calculation system, available balance, start date, age and future contribution assumptions. Do not invent a balance simply to obtain a result.
Compare like with like
Check the coefficient year, annual versus monthly, gross versus net, and other components. Keep the result's date and assumptions.
Follow the TFR3 guide for links to Ministry tools and supplementary pensions. This check does not establish that the simulator incorporates the new coefficients: inspect the tool's stated assumptions. For missing information ask the institution or a patronato; these tables are not a certificate.
- Decree of 16 October 2026 — coefficients from 2027 (Italian PDF)Principle of calculation, effective date and table read, including 5.514% at age 67. The table alone does not establish eligibility age, an individual balance or net pension.
- Ministry — 2026 contribution balance revaluation (Italian)Announcement of 21 October read: rate 0.063359 and multiplier 1.063359. Contribution balance revaluation, not indexation of pensions already being paid.
Section 6
Reusable checklist
Organise your records for the next step.
- I checked whether my pension uses the contributory or mixed system.
- I checked periods and balance with the institution.
- I distinguished revaluation from conversion.
- I selected the table for the applicable start date.
- I am comparing the same age and assumptions.
- I separated the contributory share, other components and tax.
Section 7
Frequently asked questions
Answers to common questions.
Does 6.3359% increase an existing pension?
No. It is the capitalisation rate announced for 2026 contribution balance revaluation, not indexation of pensions already awarded.
Will I certainly lose 1.68% from 2027?
No. That compares coefficients at age 67 with an identical balance. Your pension also depends on contributions, system, age, start date and other components.
Does the formula give a net amount?
No. Balance times coefficient gives the gross annual contributory share. Net income requires the applicable tax treatment and complete pension calculation.
Section 8
Related guides
Explore the step you need.
Section 9
Sources and limits
Relevant 2025–2026/2027 decrees and tables, the Ministry announcement and ISTAT note were read. Arithmetic examples are editorial; no individual certification or simulator update is claimed. These tables do not establish eligibility or tax treatment.
- Decree of 16 October 2026 — coefficients from 2027 (Italian PDF)Principle of calculation, effective date and table read, including 5.514% at age 67. The table alone does not establish eligibility age, an individual balance or net pension.
- Decree of 20 November 2024 — 2025–2026 coefficients (Italian PDF)Effective date and comparison table read, including 5.608% at age 67. Comparison at the same balance and age; not a forecast of your pension.
- Ministry — 2026 contribution balance revaluation (Italian)Announcement of 21 October read: rate 0.063359 and multiplier 1.063359. Contribution balance revaluation, not indexation of pensions already being paid.
- ISTAT note — 2026 rate and historical coefficients (Italian PDF)Both pages read: rate announcement and table with the 2026 row. The note reports the parameter; individual records must be assessed by the pension institution.