Here are the real accounts of the Cassa Forense
The analysis of the lawyer Paolo Rosa on the final balance sheet 2021 of Cassa Forense
22.9% increase in receivables from members while receivables from tenants decrease by 24.6% which speaks volumes about the economic crisis of the Italian legal profession, in particular where the hypothesized increase of 5% in remuneration these days does not seem decisive.
"The book of dreams" I wrote in unsuspecting times but no one listened to me because he was defined a visionary pessimist.
«The technical balance sheet foresees a negativization of the social security balance starting from 2041 and of the total balance starting from 2049; these values, while remaining negative until the end of the time interval considered in the document (2070), will begin to rise from 2061 and 2066 respectively. -2048 will begin to decrease from 2049 as a consequence of the negativization of the total balance "(Final Balance Sheet 2021 of Cassa Forense, p. 286).
Decrease of assets from 2049 when, with the negative pension balance, sustainability will increasingly depend on the return on assets.
The reform under study, in my opinion, will not be able to reverse this trend which is strongly negative.
As the Court of Auditors said, the sustainability of pensions must depend on the contribution rather than on the return on assets and therefore the increase in contributions must be evaluated.
"In this regard, it should not be forgotten that art. 2, paragraph 2, of the aforementioned d. lgs. n. 509 of 1994 provides that the economic-financial management of privatized social security institutions must ensure budget balance through the adoption of measures consistent with the indications resulting from the technical budget, with projection of actuarial data over a long period (Article 24, paragraph 24, Legislative Decree 6 December 2011, n. 201, converted by the law 22 December 2011, n. 214).
This provision, in order to guarantee financial balance over time, emphasizes the need for institutions to tend to ensure balance with contributory revenues and not, therefore, with those deriving from asset management. Moreover, as already indicated, the reduction in contributory revenues is also a reflection of demographic and biometric factors, as well as the unfavorable trend of the labor market in certain sectors "(hearing of the Court of Auditors in the Bicameral control room of 28.5.2019).
Combining sustainability and adequacy is not easy especially in these times when the economic and financial bases record the anomaly of the simultaneous fall of bonds and shares, throwing savers, from retail to professionals in the sector, into panic, due to galloping inflation and the war in an act that in a globalized world is such as to deeply affect every aspect of life and we are verifying it every day in person.
Think of the second pillar supplementary pension, based on the principle of capitalization financing but also of the pension and assistance funds of 1,700,000 Italian professionals where, from the pay-as-you-go financing system – typical of the compulsory first pillar pension – is slipping surreptitiously , due to the negative pension balance, to the funded financing system, moreover without mandatory rules because the 2011 law has not yet been implemented and without explaining to members that their pension will depend on the financial markets, thus downloading the risk market on the professionals themselves.
If this is in line with the constitutional parameter referred to in art. 38, then I go back to being a visionary!
(taken from Law and Justice)
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/primo-piano/ecco-i-veri-conti-della-cassa-forense/ on Fri, 27 May 2022 08:21:00 +0000.