Banco de Portugal's Pension Funds

Sociedade Gestora dos Fundos de Pensões do Banco de Portugal, S.A. (Pension Funds Managing Company) is the entity responsible for the financial, actuarial and administrative management of Banco de Portugal’s Pension Funds. It was established on 3 June 1988.

The Managing Company’s equity of €1,000,000 is almost fully owned by Banco de Portugal. Banco de Portugal employees or their heirs own the remainder, which currently stands at less than 2.5 per cent.

The Managing Company’s registered office and services are in Avenida da República, No 57, 7th floor, in Lisbon. The staff members are Banco de Portugal employees on secondment.

The Banco de Portugal Defined Benefit Pension Fund is a closed pension fund which operates a defined benefits plan. It is composed of an autonomous set of assets allocated exclusively to meeting the liabilities assumed by Banco de Portugal in respect of the payment of retirement, invalidity and survivors pensions, as well as the payment of post-retirement charges relating to contributions to SAMS (social health assistance service for banking sector employees).

The Banco de Portugal Defined Contribution Pension Fund is a closed pension fund which operates two defined contribution plans:

• The complementary pension plan defined in the Company-Level Agreements (Acordos de Empresa - AE), called the ‘Plano de Contribuição Definida – AE’, covering the Banco de Portugal employees who started working in the banking sector after 3 March 2009 and who are covered by the general Social Security Scheme, by virtue of Decree-Law No 54/2009 of 2 March;
   
• The supplementary plan, available in due course to all Banco de Portugal employees.