Pension Funds

Participation is made through participation units, which represent the amount invested by each member. The fund is managed by the Management Entity, which applies a defined investment policy. The value of the units may vary according to market developments and the strategy followed.

Under individual membership, private individuals who wish to build up their retirement savings take part. Under collective membership, entities such as companies or associations that fund pension plans for their employees or members take part. Both follow the fund's regulations.

No. With Open Funds, especially under the collective arrangement, no common tie is required between the member entities. Acceptance depends solely on the Managing Entity and on compliance with the fund's regulations, making it flexible and accessible to distinct organisational profiles.

Each fund follows a specific investment policy, set out in its regulations. This policy defines the level of risk, the composition of the assets and the appreciation objectives. The Managing Entity adjusts the strategy whenever necessary, in compliance with legal requirements and the interests of participants.

Yes. Many Open Funds, such as the Real Reforma Funds (Jovem, Activa, Sénior and Garantida), offer different risk profiles and time horizons. This allows each person or entity to select the option best suited to their financial objectives and to the stage of life they are in.