Personal financing for pensioners social security and Government agency
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Loans intended for social security pensioners are nothing more than a fifth of the pension, which unlike the normal salary-backed salary formula, which requires compulsory “employee” status, can also be paid to those who have matured a pension as self-employed workers.
In addition, with the birth of Super social security, all types of pensioners, regardless of their cash, can now access them. However, there are limitations on the type of pension received, because some are not allowed.
Types of pensions not allowed as collateral for social security loans
The following services provided by the Institution are not counted and do not give access to loans for social security pensioners:
- Pensions and social allowances;
- Civil disability pensions;
- Monthly allowances for assistance to pensioners for disability (accompanying pensions);
- Income support checks;
- Bank staff pensions;
- Family allowances.
Features Pensioners retired from social security
Those who want to obtain a loan must address their request to the territorially competent office of social security, which must be drawn up on the appropriate form (downloadable online or available at the same offices, requesting assistance also from the caf for the relative compilation) which leads to the release of the “transferability” certificate, or the maximum amount of loan payable (the maximum loan amount will instead be equal to one fifth of the pension as regards the installment to be repaid monthly).
The number of maximum installments obtainable depends instead on the age of the pensioner. The transferable amount is calculated, net of tax and social security deductions, and in any case so as not to touch the minimum pension amount.
This certificate must be presented to the bank where the loan application form will be issued. However, being a “transfer of the pension” there are no problems for the payment of the sums that fall within the transferable quota, as the bank is certain of the repayment of the loan, because the payment of the installments will be made directly by the social security which will pay the pensioner the pension net of the installment that is withheld upstream, while the relative amount is paid directly to the creditor bank.
social security Conventions and Government agency facilities
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The social security has stipulated some agreements with the main credit institutions, so by addressing them generally it is possible to obtain lower interest rates than those charged to other financed entities, the list can be easily consulted on the website of the social security (see also Guide to the site www.social security.it).
In addition, former Government agency pensioners who are registered with the appropriate credit management fund, can access the one-fifth of the pension, which is part of non-finalized long-term loans, paid directly by the Entity on the basis of the amounts allocated by the fund itself, at rates particularly low.
Loan with survivor’s pension
A pensioner can request a loan without problems (be it a normal personal loan, a finalized loan or a salary-backed loan), except in some very special cases, linked to pensions paid by some social security funds of trade associations, and in the case of pensions which do not exceed the amount that can be transferred or which are obviously aimed at guaranteeing the existence of the beneficiaries (and therefore having a temporary and renewable nature).
The survivor’s pension does not have these characteristics, representing in all respects an “income” (formerly ‘from work’, and it does not matter whether it is a dependent or independent job) with a continuous character. Both characteristics therefore meet the fundamental requirements to be able to request a personal loan or a finalized loan. The access limits are obviously linked to the age of the applicant (spouse or child) and to the amount of the survivor’s pension, being on average 60% of the pension received by the deceased pensioner.
To whom to apply for a loan with a survivor’s pension? If you have the aforementioned sufficient income requirements, and the personal data, you can turn to any bank or financial institution, it being understood that it is better to choose those that provide favorable conditions on rates or on the maximum age (as for social security loans or linked to particular conventions).
Financing with civil disability pension: possible solutions
The disability pension and the accompanying indemnity (depending on whether you are in the real disability or disability situation) are of a merely welfare nature, or are paid by the State to guarantee an acceptable level of subsistence and assistance. Given this particular nature, they do not fall within the “income” category. They also suffer from two very important requirements for using them to apply for a loan, namely:
- they are not permanent, but are temporary, subject to revocation or renewal, following checks or inspections
- their amount is not such as to guarantee obtaining appreciable amounts of financing.
Erroneously one speaks of pensions, since these are forms of indemnity that are not the result of an acquired right (for this reason they are also subject to revocation). So even for the sale of the fifth, despite the agreements entered into by social security for their pensioners, they are cut off from the possibility of being able to put them at the base of a request for a personal loan. There are only two alternatives: to present a guarantor, or sign bills, and be wary of those who say that they are accepted without problems, perhaps upon payment of a commission to evaluate the case.