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For the past several years in Italy there has been the possibility for pensioners to obtain a loan of up to 75,000 euros by paying it directly with their pension.
The possibility of obtaining a loan for pensioners is called the Fifth Annuity Loan.
But how does this type of financing work specifically?
The calculation of the sale of the fifth pensioner is carried out directly by the Social Security Agency.
The INPS or other social security institution shall indicate the maximum amount that the pensioner can transfer by indicating it in a document called the transferable quota or transferability notice .
The transferable amount changes according to the amount of the pension itself and is calculated net of tax and social security deductions without going below the minimum pension threshold which is indicated by law each year.
To receive a free, non-binding estimate of a Loan in INPS Agreement Click here
The loan for the transfer of the fifth INPS provides for age limits within which the loan must be repaid to an expiry date, which is normally between 85 and 86 years .
With this type of loan it is not possible to go below the minimum pension threshold defined by the INPS.
Included in the installment and therefore without additional costs in the sale of the fifth Inps but also other Bodies in the event of death a policy is stipulated that covers the possible death of the pensioner who has contracted the loan .
Therefore, in the event that an eventual premature occurrence occurs, the insurance that has issued the policy relating to that loan will pay the remaining debt.
Even in the event of reversibility it is possible to request the transferable fee for the survivor’s pension in cases where it is not possible to request the Transfer of the Fifth of the Pension are the following:
- pensions and social allowances;
- civil disabilities;
- monthly allowances for assistance to pensioners for disability;
- income support allowance (VOCRED, VOCOOP, VOESO);
- family allowance;
- pensions with joint ownership for the portion not pertaining to the person requesting the transfer;
- evacuation benefits pursuant to Article 4, paragraphs 1 to 7 – ter, of Law n.92 / 2012.