The Portuguese Insurance and Pension Funds Supervisory Authority (ASF) published its Q4 2024 report on pension fund activity, showing that the number of pension funds under management remained at 239 at end-2024 while contributions rose sharply and benefits paid fell slightly year on year. Assets under management increased to about EUR 19.3 billion, up 2.1% from end-2023. During 2024 two closed pension funds were wound up and two new funds were created, including one retirement savings plan (PPR) fund, with one of the closures carried out under Decree-Law No. 110/2023 and the assets transferred to Caixa Geral de Aposentações. Collective memberships rose to 1,545 after 114 new adhesions across 18 open funds and 31 terminations. Total contributions reached EUR 684.2 million, up 47.6% on 2023, reflecting extraordinary contributions and subscriptions to PPR funds and individual adhesions, while total benefits paid decreased 1.4% to EUR 952.9 million. The year-end increase in assets reflected financial gains of 3.5%, while the net balance between contributions and benefit payments was -1.4% when those gains are excluded. Portfolio composition was broadly similar to end-2023, but exposure to investment funds increased alongside lower allocations to equities, private bonds and real estate; at December 2024, portfolios were dominated by debt securities (49%, including 37% government debt and 12% private bonds) and investment funds (39%), followed by real estate (7%), equities (3%) and bank deposits (2%).

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