The Insurance and Pension Funds Supervisory Authority (ASF) has approved a regulation enhancing disclosure duties for pension funds to consumers, announced in a statement released today.
This regulation establishes “the assumptions and requirements for the disclosure of information related to pension funds,” indicating that it covers “closed pension funds,” “collective memberships to open pension funds,” and “individual memberships to open pension funds,” according to the regulator.
According to the ASF, the regulation, which takes effect on January 1, 2026, aims to “enhance comparability and transparency in the relationship between consumers and managing entities” and, consequently, contribute to “more informed long-term savings decisions and confidence in the national pension fund market.”
The regulator highlighted that the regulation introduces rules on “the format, content, and publication of informative documents, without imposing fixed models,” as well as “standardized methodologies for calculating risk indicators, historical returns, costs, and retirement benefit projections, allowing for comparability.”
It also introduces obligations for “assessment and communication of risk profile in individual memberships” and a “centralized reporting of information related to costs, guarantees, returns, and risk indicators of individual memberships to open pension funds on the ASF website, similar to what already occurs with Retirement Savings Plans (PPR).”
Thus, it promotes consumer access “to information and its comparability,” it assured.
“Transparency and strict compliance with information duties are essential to protect participants and beneficiaries of pension funds,” said Eduardo Farinha Pereira, director of the ASF’s Behavioral Supervision Department, as quoted in the statement.
For the official, only with “clear, timely, and accessible information is it possible to reinforce confidence in the system and promote conscious long-term savings decisions,” he stated.
“The low number of complaints in pension funds, as in our country, does not necessarily mean the absence of problems,” but may reflect “a lack of consumer knowledge about their rights or available mechanisms for filing complaints,” Eduardo Farinha Pereira emphasized.
