The pension loan is nothing more than the so-called APe (an acronym for Advance or Pension Check), a measure that allows you to leave your job up to 3 years and 7 months earlier than what is provided for by the old-age pension.
Recall that to date access to the old-age pension is set at 67 years, given the possession of at least 20 years of contributions.
An economic subsidy, therefore, as well as that which would allow specific categories of washers to be able to take advantage of early retirement; even more important initiative if you think that, according to forecasts, you could retire in a few years at an age well over 70 years.
There are three types of APe: voluntary, social and corporate, differentiated by required requirements and methods.
We see in this guide what it consists of and how to access the pension loan, with the necessary details depending on the situation of the worker.
Retirement loan: how much is it?
The Ape subsidized provides for a pension treatment in relation to the amount of the pension accrued up to the moment of the request, within a maximum of 1,500 dollars gross per month (about 1,300 dollars net); the credit will naturally take place until the pension is reached in the compulsory system.
In all cases, since it is an exit from work thought of as highly flexible, the worker can request an Ape even from a minimum of 150 dollars per month based on the duration of the advance, always within the maximum ceiling of 90% of the pension accrued and of the 1,500 dollars mentioned above.
As far as the voluntary Ape is concerned, this is not part of the social security system because it is not borne by the state as it is the social one: it is a real bank loan to be repaid with an amortization plan that starts once you reach the pension. This loan can also be twenty years, with the installment amount calculated on the basis of the net value of the check paid for each year of early retirement.
It is worth specifying that the annual monthly payments provided through Ape are 12, which means that the thirteenth is not granted.
The expected repayment covers a period of 20 years, without prejudice to the possibility, as for any loan, of early repayment.
Who can request it
The APe was introduced by article 1, co. 179, of law 232/2016 (the 2017 budget law, so to speak), to protect certain groups of workers for which the legislator has dutifully established a regime of greater protection.
A fundamental requirement is to have reached 63 years of age and at least 20 30 or 36 contributions, based on the type of pension loan requested; this applies as much to employees of the public and private sectors as to self-employed and parasubordinated workers. On the other hand, freelancers who are registered with the relevant professional funds are excluded.
As mentioned, it is necessary to be in a difficult condition, which the law identifies in four specific subjects: unemployed, disabled, caregivers and people in heavy-duty. Finally, the beneficiary must be a resident of Italy.
On the basis of these four profiles, the three types of pension loans that we mentioned at the beginning have been structured; let’s see more closely in order to better understand the requirements and the different ways to apply.
The voluntary pension advance
It can be requested by workers who, for whatever reason, wish to retire earlier than required by ordinary legislation.
This is a loan to be requested at a bank office, with which an insurance policy is also taken out (mandatory by law). Insurance is an important protection for the applicant and his family because he exonerates the relatives from the payment of the residual installments in case of premature death of the worker before having concluded the amortization plan. In fact, the insurance will be responsible for the full reimbursement, and any survivor’s pension will be credited to the spouse without deductions.
The first step to do to submit the voluntary Ape application is to go to one of the Social Security branches to obtain the certification of the future pension and indications on banks and insurance companies affiliated with the institution. Of course, it is also good to ask for the duration and amount of the Ape, in order to have a complete estimate and evaluate the convenience of the initiative.
But what happens when the retirement pension requirements are met? Social Security will provide the pension net of the amortization installment (which, remember, includes not only the repayment of the advance amount by loan but also the interest due and the costs of the insurance).