Pensioners have the possibility to obtain credit at preferential rates through the Assignment of the Fifth Pension. This is a type of financing designed and dedicated exclusively to pensioners and in this regard the INPS has defined all the methods and conditions necessary to access them.
The Pensioner who accesses the Assignment of the Fifth Pension is doubly protected as the Sale is regulated by Law no. 180 of 1950 and the Inps has the obligation to check that the Bank or the bank that provides the assignment meets all the requirements required by law to perform this type of transaction, checking that the rate applied to the loan is lower than the anti-usury threshold, that the installment does not exceed the fifth maximum transferable and that in the loan contract are indicated all the expenses incurred by the pensioner, preliminary investigation, early repayment, interest and insurance premium. The Life Insurance Policy is in fact mandatory and will cover and settle the residual debt of the loan in the event of pre-emptiness of the Pensioner. The cost of the premium varies according to the sex and age of the pensioner: the higher the retirement age, the greater the insurance coverage will be.
To whom the assignment of the Fifth of the Pension is aimed
The Law provides that not all Pensions received are transferable. Cession of the Fifth can be made on the social security pension and on survivors ‘survivors’ pensions.
Pensions due to social allowances, Pensions for civil disability, Accompanying pensions given by monthly allowances for assistance to Disability Pensioners, income support and family allowances, co-management Pensions and Temporary Pensions are not transferable , not definitive.
How to calculate the assignment of the fifth pension
The amount of the monthly installment of the Retirement Pension allowance must be equal to or less than the fifth maximum transferable amount of the Pensioner’s net income, net of withholding taxes, social security contributions and any possible withholdings in place, such as foreclosure. not to affect the amount of the minimum pension established annually by law. In fact, according to the law, the amount of the pension net of a possible transfer of the fifth of the pension must be equal to or higher than 530 euro per month.
How to submit the application
To submit the application it will be sufficient for the Pensioner to appear at the Bank / Credit Institute chosen with the identity document, tax code and documents of the Pension.
Subsequently, to obtain the assignment of the Fifth of the Pension it will be essential to obtain the Declaration of Quota Cedibile dall’Inps, a document which indicates the maximum amount of the installment that the pensioner can support based on his income. Some time ago this document had to be requested by the Pensioner himself who had to go personally to the Inps office of belonging; today thanks to the conventions stipulated by INPS with the various banks and banks, the request is sent electronically by the Bank itself. This allowed to speed up the processing time of the practice.