The Portuguese Insurance Regulator (ASF) issued its report on Public Consultation No. 6/2025 covering a draft regulatory standard that would operationalise statutory information-disclosure duties for closed pension funds, collective memberships in open pension funds and individual memberships in open pension funds. The report summarises feedback received and sets out the regulator’s updated policy approach, centred on more comparable, higher-quality consumer information and strengthened controls against sales outside the defined target market. Key revisions to the draft include recalibrated maximum page limits for several information documents, removal of the proposed graphic for contribution disclosures, and targeted simplification of complaint-related disclosures by allowing a website-reference approach in selected periodic or event-driven documents. ASF also adjusted parts of the risk and performance disclosure framework, including confirming that the risk indicator is calculated using volatility over the last five calendar years and revising the update mechanism, and restructuring the section on return measures to rely more on the historical-return indicator. For benefit projections, the revised approach removes the requirement to present inflation-adjusted projection results, while adding inflation as a factor to be flagged in the warnings accompanying projections. On centralised disclosure, the draft was amended so that reporting intended for publication on ASF’s website focuses on individual memberships in open pension funds, while comparable data for certain closed funds and collective memberships is retained for statistical and supervisory purposes only; open pension funds financing savings plans (PPR) are exempted from duplicate reporting where this is already covered by ASF’s separate PPR reporting rules. The consultation ran from 23 April to 30 May 2025 and generated two published responses (from APFIPP and DECO), with ASF documenting acceptances, partial acceptances and rejections in the report. The revised draft also resets the proposed entry into force to 1 January 2026.
Portuguese Insurance Regulator (ASF) 2025-08-26
Portuguese Insurance Regulator publishes consultation report and revises draft pension fund disclosure and risk-profiling rules
The Portuguese Insurance Regulator (ASF) released a report on Public Consultation No. 6/2025, detailing a draft regulatory standard for information-disclosure duties in pension funds. Key updates include recalibrated document page limits, removal of a contribution disclosure graphic, and adjustments to risk and performance disclosures. The revised draft sets the proposed implementation date to 1 January 2026.