PaulParma

I moved to Parma in October 2008 and whilst I technically work for an American company I am officially employed by our Italian warehouse & distribution 3rd party. I have had an email from the HR department asking where I want my want my TFR payments to go. I am not even sure I fully understand what TFR payments are - I believe they are the payments towards the Italian pension. My understanding is that should I leave the company I will get these payments back (the email mentions severance pay) I have a personal pension scheme in UK into which I would like the payments to go. I have 3 questions - 1/ Is my undertanding of TFR correct, 2/ Do I get the payments back when I leave the company and 3/ Is it possible to have the payments paid into a UK pension scheme ?

I hope to return to the UK within the next 6-12 months.

Thanks for any advice.

Paul

.Ariel.

I had this dilemma last yr. My understanding is that you can give it to the government or to your company - this is what you have to decide. If you give it to the company then when you leave you'll get it - I'm not sure if you get it back immediately on leaving if you give it ot the goverment as I think they use it for the pension scheme.

You get a certain amount for each yr you work. I would opt to give it to your compayn in your case. Iì'm not sure why anyone would do differently tbh but there must be some reason.

Lorna at Vicenza

TFR means "trattamento fine rapporto"

Call it a kind of redundancy scheme plus any holidays due to you. It is usually calculated at one month salary for every year you have worked for the same company plus the holidays owed and the "13th" month pay.


You used to get this money back if you resigned from a job or if you were sacked from a job. Some people who had been working for the same company for a long time used to ask for an advance on this payment for say ... moving house etc. Whether to give you an advance or not was solely at the company's discression.

A few years back a whole lot of stuff about this TFR changed and Italians had to decide what to do with theirs .......... put it into an insurance scheme - a pension scheme - investment schemes - INPS etc.


I'm not entirely sure what all the options were and I can't say I honestly remember now what my own partner decided for his. I think he signed it over in my name though so that if necessary I and the kids get it and not his mother. (That's because we're not married).

Lorna at Vicenza

Actually ......... severance pay is more correct than redundancy.

Lorna at Vicenza

Later on when my hands defrost I might get back on the pc and see what I can find out properly for you.

Don't why I am so frozen here this morning. Sun is out and I have loads of clothes on but hands are stiff with cold.