State Scheme (various subsections) - this ensures pension coverage for employees, freelancers and retirement for disabled workers. This system operates on an unfunded pay-as-you-earn scheme. Statutory retirement age and requirements are established by a complex set of rules.

Additional Voluntary Private Plans - these operate on a DC basis, as this is the only permitted type of pension plan in Italy.

It is important to distinguish between the differing implications of share deals and asset deals.

On a share sale and the resulting continuity of the same business, there is no change from the perspective of the existing pension arrangements. The buyer will assume full liability for any missed payment of social contributions to either the State scheme or additional private pension funds.

On an asset sale, any debts for missed payment of social security contributions to the State scheme remain with the seller, unless the buyer assumes the liability contractually at the time of the purchase of the business. The buyer will assume joint and several liability for any missed payment to voluntary private pension funds. The buyer is also responsible if any debts were known about at the time of purchase and were reflected in the company's balance sheet. In this latter case, it is common for the parties to a transaction to negotiate a reduction of the purchase price to take into account pension fund liabilities.