Portugal's Insurance and Pension Funds Supervisory Authority published its first-quarter 2025 report on pension fund activity, showing contributions rose sharply versus the same period a year earlier while total assets under management fell compared with end-2024. The number of pension funds under management increased to 242 by end-March 2025. Three closed pension funds were constituted during the quarter, and collective memberships rose to 1,595, reflecting 50 new collective adhesions across 22 open funds alongside four extinctions. Total contributions were EUR 218.5m, up 85% year on year, driven by extraordinary contributions at some funds and subscriptions to PPR funds and individual adhesions; total benefits paid were broadly unchanged at EUR 231.8m, with closed funds up 6.6% and open funds down 17.7%. Assets under management stood at EUR 18.9bn, down 1.8% from end-2024, with the report attributing a 1.7% negative effect to financial losses and indicating that, excluding that effect, net flows between contributions and benefit outflows were -0.1%; the portfolio mix remained broadly stable but with higher exposure to investment funds and lower exposure to equities and government bonds.
Portuguese Insurance Regulator (ASF) 2025-07-11
Portugal's Insurance and Pension Funds Supervisory Authority reports 85% rise in pension fund contributions and a 1.8% drop in assets under management in the first quarter of 2025
Portugal's Insurance and Pension Funds Supervisory Authority reported a sharp rise in pension fund contributions in Q1 2025, with total contributions reaching EUR 218.5m, up 85% year on year. Despite this, total assets under management fell 1.8% to EUR 18.9bn due to financial losses. The number of pension funds increased to 242, with a stable portfolio mix but higher exposure to investment funds.