The Portuguese Insurance Regulator has published a draft regulatory rule that would extend until 1 January 2028 the suspension of Regulatory Standard No. 7/2025-R on disclosure requirements for closed pension funds, collective memberships in open pension funds and individual memberships in open pension funds. In substance, the move delays the application of the pension fund information regime by a further year while the authority reassesses the framework and while European negotiations continue on changes to the Institutions for Occupational Retirement Provision Directive. The disclosure standard had originally been set to take effect on 1 January 2026, but its effects were already suspended until 1 January 2027 under Regulatory Standard No. 9/2025-R. The regulator said implementation of the rule, particularly the requirements on the preparation, content, format and delivery of disclosure documents, requires operational adjustments by pension fund management entities and a longer adaptation period than first anticipated. It also linked the extension to its broader regulatory simplification project and to the possible impact of amendments to the IORP II framework on information to be provided to participants and beneficiaries. Until then, the regulator said it will publish the results of its reassessment, continue to follow the negotiations on amendments to IORP II and adopt any regulatory initiatives it considers appropriate.
Portuguese Insurance Regulator (ASF)2026-06-24
Portuguese Insurance Regulator publishes draft rule to extend suspension of pension fund disclosure requirements to 1 January 2028
The Portuguese Insurance Regulator has published a draft rule to extend until 1 January 2028 the suspension of pension fund disclosure requirements under Regulatory Standard No. 7/2025-R. It said pension fund managers need more time for operational changes and that the framework is being reassessed alongside regulatory simplification work and proposed amendments to IORP II.