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In this paper, we highlight the importance of strengthening the role of the second pillar in an overall balanced social security system. In particular, in countries like Italy, characterized by a considerable Pay-As-You-Go first pillar and a high demographic dependency ratio, private pension funds play a key role since they could provide a crucial supplement to benefits from the mandatory pensions. Given the declining role of public pension coverage, the assessment of function played by thedoi:10.5281/zenodo.3946527 fatcat:mgb5pr4xlbhtzjq7bshvgbshv4