The Portuguese Insurance Regulator published its quarterly report on pension fund activity for the first quarter of 2026, showing broadly stable fund numbers but weaker asset values. At the end of March 2026, 238 pension funds were under management, unchanged from the end of 2025 after four new funds were created and four were extinguished. Contributions rose 13.5% from a year earlier and benefits paid increased 11.1%, while assets under management fell 0.73% from the end of 2025 to about EUR 19.7 billion. The mix of funds changed only marginally, with closed funds falling to 127 from 128 and open funds rising to 111 from 110. Collective memberships increased to 1,696 from 1,658, including 47 new collective adhesions across 22 open pension funds and nine terminations. Contribution growth was driven by subscriptions to PPR funds and individual adhesions, while benefit payments rose 9.1% in closed funds and 17.7% in open funds. Excluding the 0.73% effect from financial losses generated by pension funds, the net balance between inflows and outflows was negative 0.05%. Portfolio composition remained generally in line with the end of 2025, although exposure to public debt increased and investment in funds declined. In March 2026, portfolios were made up mainly of debt securities at 47%, followed by investment funds at 41%, real estate at 8%, equities at 2% and bank deposits at 2%.
Portuguese Insurance Regulator (ASF)2026-06-12
Portuguese Insurance Regulator reports pension fund assets fell 0.73% to EUR 19.7 billion in the first quarter of 2026
The Portuguese Insurance Regulator's first-quarter 2026 pension fund report shows assets under management fell 0.73% from end-2025 to about EUR 19.7 billion, even as contributions rose 13.5% and benefits paid increased 11.1% year on year. The number of funds stayed at 238, while portfolios remained broadly stable with a higher share of public debt and a lower share of investment funds.