Three portfolios in pension reform: growth, balanced and conservative

The Government's proposed changes to the pension system would create three separate investment portfolios — growth, balanced and conservative — and link members' allocations to their age, according to the draft Law on Mandatory Funded Pension Insurance. The bill was approved by the Committee on Social Policy today (November 4, 2026) and has been sent for further readings.

Age-based risk, shifting investments toward safety before retirement

The reform's core principle is that risk exposure adjusts with age: younger participants would hold a larger share of higher-risk instruments with greater return potential, while savings would be gradually steered into safer, more liquid investments as members near retirement.

Under the proposal, contributions of insured persons up to 45 years old would be invested in higher-risk portfolios active on the market for financial transactions. Funds of those aged 45 to 57 would be placed into medium-risk investments with lower volatility. For members aged 57 and older — until they reach retirement at 62 to 64 years — the system would follow the current model, meaning no risk exposure in that final period.

The change is presented as a way to increase potential returns for younger generations while protecting those close to retirement from market swings. Supporters argue the structure modernizes the funded pension pillar and aligns investment strategy with standard lifecycle approaches.

The opposition does not oppose the law itself but has demanded stronger oversight mechanisms and clearer explanations for citizens about how the new portfolios will work and what risks they imply.

Photo: press material from the event