Fondiss continues to grow, but the real issue is understanding how much it will actually be able to guarantee future pensioners. San Marino’s supplementary pension fund had reached, as of 30 April 2026, assets of approximately €277 million.
As reported by San Marino RTV, the topic was addressed during a PDCS (Christian Democratic Party) meeting dedicated to strategic choices for the country, with particular focus on the management of workers’ savings.
Currently, 97% of the fund’s assets are deposited in San Marino’s four banks, yielding returns between 1.84% and 2.05%. This has sparked debate over the need to diversify investments in order to achieve better results over the long term.
Among the options on the table are appointing a new depositary bank, adopting more specialised financial management, and bringing in new professional figures to strengthen the system.
Meanwhile, contributions required from workers are set to rise. The overall rate will climb from 5% in 2026 to 7% in 2029, with four percentage points borne by employees and three by employers.
In 2025, Fondiss collected more than €33 million in contributions, marking growth of over 7% compared to the previous year.
Requests for early withdrawals are also on the rise: 687 transactions totalling over €1.6 million, mostly for healthcare expenses, which account for 62% of the total. These are followed by requests linked to first-home purchases and university studies.
There is no sign of an immediate liquidity problem. The real question is rather whether the fund will be able to make growing contributions work harder, turning them into adequate supplementary pensions for tomorrow’s workers.
