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. In Open Funds, particularly within the occupational membership modality, no pre-existing common link is required between the participating entities. Acceptance depends solely on the Management Entity and compliance with the fund rules, making it flexible and accessible to different 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 Pension Funds, such as the Real Reforma funds (Jovem, Activa, Sénior, and Garantida), offer different risk profiles and investment horizons. This allows each individual or corporate entity to select the option best suited to their financial goals and life stage.