ASF proposes rules for pensions through personal savings

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Pensions in Portugal may have new rules for payment through individual pension funds, according to a draft standard presented by ASF.

The Insurance and Pension Funds Supervisory Authority (ASF) has launched a public consultation to present a draft rule that brings changes to the payment of pensions through individual account pension funds. The proposal aims to offer more flexibility to beneficiaries and make the process more transparent.

ASF proposes rules for pensions through personal savings

According to the draft rule, for those who have a pension plan where they already know how much they will receive (defined benefit plan), they can choose to transfer the capital to an open pension fund, without having to pay extra. This ensures that pension payments are made until the amount in the account in question is sufficient.

For a “defined contribution” pension plan, where you don’t know exactly how much you will receive at the end, there will also be the option to transfer the amount to an individual account for an open pension fund, at no extra cost, as long as the rules of the original plan are followed.

Comments and feedback on the draft standard can be submitted until August 17, 2023, by email: co***************@as*.pt. ASF intends to publish the contributions received on its website. If you do not want your opinion to be published, please indicate this in the email.

To facilitate the understanding of the draft standard, ASF will host a public clarification session. The new standard will enter into force after its official publication.

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