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Pension Funds

The sooner the better!

Invest with an attractive return and get more for your retirement.

€0 subscription fee

Invest in a long-term plan and earn more for your retirement.

Tax Benefits

Possibility of personal income tax deduction for part of the investment made. Lower taxation in the event of redemption for the purposes provided for by law.

Protect yourself against the unexpected

Guarantee a financial reserve to navigate unexpected sickness or unemployment.

  • Multireforma
  • Multireforma Plus
  • Multireforma Ações
  • Multireforma Capital Garantido
  • Managed by GNB – Sociedade Gestora de Fundos de Pensões, SA, Multireforma is the ideal solution for those approaching retirement age and looking for a more conservative investment.

    Minimum subscription amounts

    Initial deposits: €25.00

    Additional and monthly deposits: €25.00

    Capital guarantee

    No

    Subscription fee

    0%

    Payout fee

    Payout under the conditions set out by law — does not apply

    Management and deposit fee

    1.175%

    Transfer fee

    For other GNB FP pension funds: 0%

    For other non-GNB FP pension funds: 0%

    Minimum subscription amounts

    Initial deposits: €25.00

    Additional and monthly deposits: €25.00

    Capital guarantee

    No

    Subscription fee

    0%

    Payout fee

    Payout under the conditions set out by law — does not apply

    Management and deposit fee

    1.175%

    Transfer fee

    For other GNB FP pension funds: 0%

    For other non-GNB FP pension funds: 0%

    The Multireforma Pension Fund is aimed, in particular, at non-professional investors with the following characteristics:

    Knowledge and experience Beginner, Informed, Advanced or Expert
    Financial situation and ability to bear losses No capital guarantee (Even total loss of capital)
    Risk tolerance Medium
    Objectives and needs Growth and Retirement
    Minimum time horizon Long-term, more than 5 years

    Multireforma invests a maximum of 15% of its assets in shares of companies listed on regulated markets. At least 15%, but no more than 60%, of its assets will be invested in fixed-rate bonds. At least 25%, but no more than 70%, of its assets will be invested in variable-rate bonds. Up to 10% of its assets may be invested in alternative funds. The Fund may also invest up to 10% of its assets in the real estate market, through real estate investment funds.

    Retirement Savings Plans and pension funds are deductible from personal income tax collections at a rate of 20% for single persons and for each married spouse not legally separated. The deduction limits are as follows:

    Age Investment amount per taxpayer Maximum tax deduction amount
    < 35 €2000 €400
    > =35<=50 €1750 €350
    > 50 €1500 €300

    Furthermore, the sum of the tax-deductible benefits may not exceed the limits defined for each taxable income band, as follows:

    Taxable income band (€) Limit (€)
    Up to 7035 No limit
    From 7035 to 80,000 The result of applying the following formula: 1000 + [1500 × (€80,000 – taxable income)/72,965]
    Above 80,000 1000

    Amounts applied after the date of retirement and amounts paid by third parties are not deductible, except when made by employers in the name of and on behalf of their employees (Article 21(8) of the Portuguese Tax Benefits Statute).

    Income tax

    Income is taxed at the personal income tax base at the time of its availability, under the following conditions:

    For payouts made in the circumstances provided for by law (including in the event of death of the insured), income is taxed at a minimum rate of 8%, if received in the form of capital, or in accordance with the rules of category H (Pensions), if received in the form of income.

    For payouts made outside of the circumstances provided for by law, income is taxed at a rate of 8.6%, if payout occurs from the eighth year, or 17.2% if payment occurs between the fifth and eighth year, provided that at least 35% of the total investment was carried out in the first half of the contract. Otherwise, or if payout occurs before the fifth year, income tax is 21.5%. Income taxation depends on the date on which the sums paid out were invested, with the conditions in force at the time of the investment being applied.

    In the event of partial payout, the first deposits made will be the first to be paid.

    Pension Funds may only be paid out at the request of the Participant.

    The Pension Fund may be paid out when the Participant meets at least one of the following conditions:

    The Participant retires due to old age.

    The Participant reaches 55 years of age, and provided that they have retired under the social security scheme by which they are covered.

    The Participant is in long-term unemployment.

    The Participant has a permanent disability that prevents them from working.

    The Participant falls seriously ill.

    The Participant dies.

    Managed by GNB – Sociedade Gestora de Fundos de Pensões, SA, Multireforma Plus is the ideal solution for those willing to assume a little more risk.

    Minimum subscription amounts

    Initial deposits: €25.00

    Additional and monthly deposits: €25.00

    Capital guarantee

    No

    Subscription fee

    0%

    Payout fee

    Payout under the conditions set out by law — does not apply

    Management and deposit fee

    1.175%

    Transfer fee

    For other GNB FP pension funds: 0%

    For other non-GNB FP pension funds: 0%

    Minimum subscription amounts

    Initial deposits: €25.00

    Additional and monthly deposits: €25.00

    Capital guarantee

    No

    Subscription fee

    0%

    Payout fee

    Payout under the conditions set out by law — does not apply

    Management and deposit fee

    1.175%

    Transfer fee

    For other GNB FP pension funds: 0%

    For other non-GNB FP pension funds: 0%

    The Multireforma Plus Pension Fund is aimed, in particular, at non-professional investors with the following characteristics:

    Knowledge and experience Beginner, Informed, Advanced or Expert
    Financial situation and ability to bear losses No capital guarantee (Even total loss of capital)
    Risk tolerance Medium
    Objectives and needs Growth and Retirement
    Minimum time horizon Long-term, more than 5 years

    Multireforma Plus invests a maximum of 40% of its assets in shares of companies listed on regulated markets. At least 20%, but no more than 55%, of its assets will be invested in fixed-rate bonds. At least 15%, but no more than 40%, of its assets will be invested in variable-rate bonds. Up to 10% of its assets may be invested in alternative funds. The Fund may also invest up to 10% of its assets in the real estate market, through real estate investment funds.

    Retirement Savings Plans and pension funds are deductible from personal income tax collections at a rate of 20% for single persons and for each married spouse not legally separated. The deduction limits are as follows:

    Age Investment amount per taxpayer Maximum tax deduction amount
    < 35 €2000 €400
    > =35<=50 €1750 €350
    > 50 €1500 €300

    Furthermore, the sum of the tax-deductible benefits may not exceed the limits defined for each taxable income band, as follows:

    Taxable income band (€) Limit (€)
    Up to 7035 No limit
    From 7035 to 80,000 The result of applying the following formula: 1000 + [1500 × (€80,000 – taxable income)/72,965]
    Above 80,000 1000

    Amounts applied after the date of retirement and amounts paid by third parties are not deductible, except when made by employers in the name of and on behalf of their employees (Article 21(8) of the Portuguese Tax Benefits Statute).

    Income tax

    Income is taxed at the personal income tax base at the time of its availability, under the following conditions:

    For payouts made in the circumstances provided for by law (including in the event of death of the insured), income is taxed at a minimum rate of 8%, if received in the form of capital, or in accordance with the rules of category H (Pensions), if received in the form of income.

    For payouts made outside of the circumstances provided for by law, income is taxed at a rate of 8.6%, if payout occurs from the eighth year, or 17.2% if payment occurs between the fifth and eighth year, provided that at least 35% of the total investment was carried out in the first half of the contract. Otherwise, or if payout occurs before the fifth year, income tax is 21.5%. Income taxation depends on the date on which the sums paid out were invested, with the conditions in force at the time of the investment being applied.

    In the event of partial payout, the first deposits made will be the first to be paid.

    Pension Funds may only be paid out at the request of the Participant.

    The Pension Fund may be paid out when the Participant meets at least one of the following conditions:

    The Participant retires due to old age.

    The Participant reaches 55 years of age, and provided that they have retired under the social security scheme by which they are covered.

    The Participant is in long-term unemployment.

    The Participant has a permanent disability that prevents them from working.

    The Participant falls seriously ill.

    The Participant dies.

    Managed by GNB – Sociedade Gestora de Fundos de Pensões, SA, Multireforma Ações is the ideal solution for those who want a riskier investment and are further away from retirement age.

    Minimum subscription amounts

    Initial deposits: €25.00

    Additional and monthly deposits: €25.00

    Capital guarantee

    No

    Subscription fee

    0%

    Payout fee

    Payout under the conditions set out by law — does not apply

    Management and deposit fee

    1.60%

    Transfer fee

    For other GNB FP pension funds: 0%

    For other non-GNB FP pension funds: 0%

    Minimum subscription amounts

    Initial deposits: €25.00

    Additional and monthly deposits: €25.00

    Capital guarantee

    No

    Subscription fee

    0%

    Payout fee

    Payout under the conditions set out by law — does not apply

    Management and deposit fee

    1.60%

    Transfer fee

    For other GNB FP pension funds: 0%

    For other non-GNB FP pension funds: 0%

    The Multireforma Ações Pension Fund is aimed, in particular, at non-professional investors with the following characteristics:

    Knowledge and experience Beginner, Informed, Advanced or Expert
    Financial situation and ability to bear losses No capital guarantee (Even total loss of capital)
    Risk tolerance High
    Objectives and needs Growth and Retirement
    Minimum time horizon Long-term, more than 5 years

    Multireforma Ações invests a maximum of 45% of its assets in variable-rate and fixed-rate bonds, financial instruments and money market and exchange market instruments, commercial paper, derivative financial instruments, real estate investment funds and harmonized, non-harmonized and/or special securities mutual funds, including hedge funds.

    Retirement Savings Plans and pension funds are deductible from personal income tax collections at a rate of 20% for single persons and for each married spouse not legally separated. The deduction limits are as follows:

    Age Investment amount per taxpayer Maximum tax deduction amount
    < 35 €2000 €400
    > =35<=50 €1750 €350
    > 50 €1500 €300

    Furthermore, the sum of the tax-deductible benefits may not exceed the limits defined for each taxable income band, as follows:

    Taxable income band (€) Limit (€)
    Up to 7035 No limit
    From 7035 to 80,000 The result of applying the following formula: 1000 + [1500 × (€80,000 – taxable income)/72,965]
    Above 80,000 1000

    Amounts applied after the date of retirement and amounts paid by third parties are not deductible, except when made by employers in the name of and on behalf of their employees (Article 21(8) of the Portuguese Tax Benefits Statute).

    Income tax

    Income is taxed at the personal income tax base at the time of its availability, under the following conditions:

    For payouts made in the circumstances provided for by law (including in the event of death of the insured), income is taxed at a minimum rate of 8%, if received in the form of capital, or in accordance with the rules of category H (Pensions), if received in the form of income.

    For payouts made outside of the circumstances provided for by law, income is taxed at a rate of 8.6%, if payout occurs from the eighth year, or 17.2% if payment occurs between the fifth and eighth year, provided that at least 35% of the total investment was carried out in the first half of the contract. Otherwise, or if payout occurs before the fifth year, income tax is 21.5%. Income taxation depends on the date on which the sums paid out were invested, with the conditions in force at the time of the investment being applied.

    In the event of partial payout, the first deposits made will be the first to be paid.

    Pension Funds may only be paid out at the request of the Participant.

    The Pension Fund may be paid out when the Participant meets at least one of the following conditions:

    The Participant retires due to old age.

    The Participant reaches 55 years of age, and provided that they have retired under the social security scheme by which they are covered.

    The Participant is in long-term unemployment.

    The Participant has a permanent disability that prevents them from working.

    The Participant falls seriously ill.

    The Participant dies.

    Managed by GNB – Sociedade Gestora de Fundos de Pensões, Multireforma Capital Garantido is the ideal solution for those who favor invested capital.*

    Minimum subscription amounts

    Initial deposits: €25.00

    Additional and monthly deposits: €25.00

    Capital guarantee

    On the payout date 3 years after the subscription date*

    Subscription fee

    0%

    Payout fee

    Payout under the conditions set out by law — does not apply

    Management and deposit fee

    1.10%

    Transfer fee

    For other GNB FP pension funds: 0%

    For other non-GNB FP pension funds: 0.5%

    Minimum subscription amounts

    Initial deposits: €25.00

    Additional and monthly deposits: €25.00

    Capital guarantee

    On the payout date 3 years after the subscription date*

    Subscription fee

    0%

    Payout fee

    Payout under the conditions set out by law — does not apply

    Management and deposit fee

    1.10%

    Transfer fee

    For other GNB FP pension funds: 0%

    For other non-GNB FP pension funds: 0.5%

    The Multireforma Capital Garantido Pension Fund is aimed, in particular, at non-professional investors with the following characteristics:

    Knowledge and experience Beginner, Informed, Advanced or Expert
    Financial situation and ability to bear losses No capital guarantee (Even total loss of capital)
    Risk tolerance Medium
    Objectives and needs Growth and Retirement
    Minimum time horizon Long-term, more than 5 years

    Multireforma Capital Garantido invests a minimum of 60% of its assets in bonds, with a benchmark of 80% for fixed-rate bonds and 20% for variable-rate bonds. Investment in bonds is carried out in a diversified and prudent manner, taking into account interest rate, credit and liquidity risks. The liquidity component is used in a residual manner and may not exceed 10% of the Fund's asset value. The Fund hedges the exchange rate risk inherent to values expressed in currencies other than the euro.

    Retirement Savings Plans and pension funds are deductible from personal income tax collections at a rate of 20% for single persons and for each married spouse not legally separated. The deduction limits are as follows:

    Age Investment amount per taxpayer Maximum tax deduction amount
    < 35 €2000 €400
    > =35<=50 €1750 €350
    > 50 €1500 €300

    Furthermore, the sum of the tax-deductible benefits may not exceed the limits defined for each taxable income band, as follows:

    Taxable income band (€) Limit (€)
    Up to 7035 No limit
    From 7035 to 80,000 The result of applying the following formula: 1000 + [1500 × (€80,000 – taxable income)/72,965]
    Above 80,000 1000

    Amounts applied after the date of retirement and amounts paid by third parties are not deductible, except when made by employers in the name of and on behalf of their employees (Article 21(8) of the Portuguese Tax Benefits Statute).

    Income tax

    Income is taxed at the personal income tax base at the time of its availability, under the following conditions:

    For payouts made in the circumstances provided for by law (including in the event of death of the insured), income is taxed at a minimum rate of 8%, if received in the form of capital, or in accordance with the rules of category H (Pensions), if received in the form of income.

    For payouts made outside of the circumstances provided for by law, income is taxed at a rate of 8.6%, if payout occurs from the eighth year, or 17.2% if payment occurs between the fifth and eighth year, provided that at least 35% of the total investment was carried out in the first half of the contract. Otherwise, or if payout occurs before the fifth year, income tax is 21.5%. Income taxation depends on the date on which the sums paid out were invested, with the conditions in force at the time of the investment being applied.

    In the event of partial payout, the first deposits made will be the first to be paid.

    Pension Funds may only be paid out at the request of the Participant.

    The Pension Fund may be paid out when the Participant meets at least one of the following conditions:

    The Participant retires due to old age.

    The Participant reaches 55 years of age, and provided that they have retired under the social security scheme by which they are covered.

    The Participant is in long-term unemployment.

    The Participant has a permanent disability that prevents them from working.

    The Participant falls seriously ill.

    The Participant dies.

    *For subscriptions made from March 03, 2020, the Management Entity guarantees the subscription amount at the time of payout, provided that the holding period of such units is 3 years or more.
    See the Fund Management Regulations for further details.

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