This paper examines the most important reforms of the Italian pension system that have been adopted since the nineties, in an atmosphere of economic and demographic emergency, until 2011, the year of the Monti-Fornero reform, with the aim to curb the dynamics of spending on pensions. It then describes the structure of supplementary pensions and the measures adopted in Italy to encourage the take-off. Finally, it discusses the current situation of pension accounts to take stock of what has been really done and what still needs to be done.