Best PPR pension plans in 2026
A PPR (Plano Poupança-Reforma) is Portugal’s tax-advantaged retirement savings product, but plans differ widely in fees, risk and guarantees. We compared seven PPRs from five managers, from the most cautious to the most aggressive, with every figure taken from each product’s official documentation.
Independent: we earn no commission on any product listed on this page. The ranking follows only the criteria below.
Verdict: which to choose
Lowest fee
A 1% annual management fee, the lowest here even after adding the 0.06% depositary fee. No subscription or redemption fee, and it is the largest PPR fund compared here.
Best balance
Risk level 4 of 7 at a 1.40% fee: the most reasonable trade-off between cost and growth potential for savers more than 5 years from retirement.
Best for cautious savers
The only option here with a capital guarantee: the Protection component guarantees capital and returns (2.000% until 31/12/2026) and accepts contributions from €25/month.
Highest growth potential
Actively managed global equities at risk level 6 of 7, the riskiest option here. Only sensible with a long horizon and real tolerance for drawdowns.
Longest track record
Running since 2001, it is the oldest option here, and its monthly factsheet publishes the return for every calendar year since 2011. You can start with €50, the lowest minimum compared here.
Side-by-side comparison
| Product | Type | Management fee | Risk level | Capital guaranteed | Minimum investment |
|---|---|---|---|---|---|
| IMGA Poupança PPR/OICVM | PPR fund | 1.00% (+0.06% custodian) | 4 / 7 | No | €100, or €25 per contribution |
 Optimize PPR Moderado | PPR fund | 1.10% | 4 / 7 | No | 1 unit |
| Optimize PPR Ativo | PPR fund | 1.40% | 4 / 7 | No | 1 unit |
| Alves Ribeiro PPR/OICVM | PPR fund | 1.50% (management + custodian) | 4 / 7 | No | €50 |
| Save & Grow PPR | PPR fund | 1.40% (Prime) | 6 / 7 | No | €1,000 |
 Fidelidade PPR Evoluir | PPR insurance | up to 1.50% | — | Yes (Proteção component) | €100, or €25 per month |
| Optimize PPR Agressivo | PPR fund | 1.50% | 5 / 7 | No | 1 unit |
How we ranked these
The ranking is not the result of any commercial agreement. We cover each investor profile, from the most cautious to the most aggressive, and within the same profile we order by published cost. We compared only figures taken from each product’s official documentation, against these criteria:
- Cost: the published management fee, because it is the only component of your return that is known in advance.
- Transparency: are costs and the investment policy publicly accessible, without having to contact a salesperson?
- Profile fit: is the product explicit about the risk it takes (risk level 1 to 7) and the recommended horizon?
- Guarantees: is capital guaranteed, and on which part of the investment?
- Accessibility: the minimum amount needed to start.
- Supervision: funds registered with the CMVM; insurance products with the ASF.
Product-by-product analysis
IMGA Poupança PPR/OICVM
IM Gestão de Ativos (IMGA)
Fund managed by a CMVM-supervised firm · risk level 4 of 7
Best for: Savers who want the lowest cost in this comparison, in a large diversified fund with no entry or exit fees.
- Type
- PPR fund
- Management fee
- 1.00% (+0.06% custodian)
- Risk level
- 4 / 7
- Capital guaranteed
- No
- Minimum investment
- €100, or €25 per contribution
Strengths
- A 1% annual management fee, the lowest in this comparison
- No subscription fee and no redemption fee, at any point
- The largest fund compared here: €404.3m under management at 31/07/2026
- An investment plan from €25 per contribution
Weaknesses
- A 0.06% annual depositary fee is charged on top of the management fee
- No capital guarantee: it lost 15.09% in 2022, the worst year in the published series
- The minimum one-off contribution is €100, above the €50 of Alves Ribeiro PPR
Optimize PPR Moderado
Optimize Investment Partners
Fund managed by a CMVM-supervised firm · risk level 4 of 7
Best for: Savers who prefer stability to growth and want an explicit cap on risk: equity exposure is limited to 15%.
- Type
- PPR fund
- Management fee
- 1.10%
- Risk level
- 4 / 7
- Capital guaranteed
- No
- Minimum investment
- 1 unit
Strengths
- A 1.10% management fee, the second lowest in this comparison
- Equity exposure capped at 15%, the rest in bonds and other fixed income
- Recommended horizon from 3 years, the shortest on this list
Weaknesses
- No capital guarantee, despite the conservative profile
- The 15% equity cap limits growth over long horizons
Optimize PPR Ativo
Optimize Investment Partners
Fund managed by a CMVM-supervised firm · risk level 4 of 7
Best for: Savers more than 5 years from retirement who want market exposure without going to the risk extreme.
- Type
- PPR fund
- Management fee
- 1.40%
- Risk level
- 4 / 7
- Capital guaranteed
- No
- Minimum investment
- 1 unit
Strengths
- A 1.40% management fee, the lowest of the three Optimize portfolios
- Risk level 4 of 7: market exposure without a 100% equity portfolio
- No meaningful entry barrier: the minimum is a single participation unit
Weaknesses
- No capital guarantee: the investment may result in loss of the capital invested
- Recommended horizon over 5 years: not suitable for short-term savings
Alves Ribeiro PPR/OICVM
Invest Gestão de Activos (Banco Invest)
Fund managed by a CMVM-supervised firm · risk level 4 of 7
Best for: Savers who want a mostly-bond portfolio with a long published track record, and who want to start with a small amount.
- Type
- PPR fund
- Management fee
- 1.50% (management + custodian)
- Risk level
- 4 / 7
- Capital guaranteed
- No
- Minimum investment
- €50
Strengths
- Running since 2001: the oldest fund in this comparison
- A €50 minimum, both initially and on every subsequent contribution
- No subscription fee and no transfer fee
- Over 50% in European Union bonds, with equities capped at 40% of assets
Weaknesses
- The published 1.5% fee already includes the depositary, but ongoing charges (TEC) for the year to 31/12/2025 were 1.58%
- A 1% redemption fee if you exit within the first year (0% thereafter)
- No capital guarantee: it lost 11.1% in 2022
Save & Grow PPR
Casa de Investimentos, SGOIC
Fund manager supervised by the CMVM · risk level 6 of 7
Best for: Savers who want an actively managed global-equity PPR with a long horizon: the highest-risk option in this comparison.
- Type
- PPR fund
- Management fee
- 1.40% (Prime)
- Risk level
- 6 / 7
- Capital guaranteed
- No
- Minimum investment
- €1,000
Strengths
- Actively managed global equities, with a public investment policy
- A lower management fee in the Founders class (1.20%) than in Prime (1.40%)
- Ongoing charges (TEC) disclosed transparently
Weaknesses
- Risk level 6 of 7, the highest here; sharp drawdowns are to be expected
- The Prime class TEC is 1.66%, above the headline management fee
- A €1,000 minimum, the most demanding entry point in this comparison
Fidelidade PPR Evoluir
Fidelidade, Insurance Company
Insurance-based PPR, supervised by the ASF
Best for: Savers close to retirement or who cannot tolerate losses, and those starting with small amounts.
- Type
- PPR insurance
- Management fee
- up to 1.50%
- Risk level
- —
- Capital guaranteed
- Yes (Proteção component)
- Minimum investment
- €100, or €25 per month
Strengths
- A Protection component with guaranteed capital and returns, at 2.000% until 31/12/2026
- Low entry point: from €100 or €25/month
- Lets you combine the guaranteed component with an investment component
Weaknesses
- The Active component has no capital or return guarantee
- Management costs up to 1.5%, above the cheapest fund in this comparison
- The guaranteed rate is fixed only until 31/12/2026 and will be revised after that
Optimize PPR Agressivo
Optimize Investment Partners
Fund managed by a CMVM-supervised firm · risk level 5 of 7
Best for: Savers with a long horizon who understand market volatility and want maximum equity exposure.
- Type
- PPR fund
- Management fee
- 1.50%
- Risk level
- 5 / 7
- Capital guaranteed
- No
- Minimum investment
- 1 unit
Strengths
- Up to 100% equity exposure, the highest long-term growth potential of the three Optimize portfolios
- Published returns are already net of the management fee
Weaknesses
- Risk level 5 of 7: sharp drawdowns are expected and normal in this profile
- A 1.50% management fee, above the same manager’s PPR Ativo
- No capital guarantee: you may lose part of the capital invested
Decided which one? Run it with your own numbers:
Open the PPR calculator →Frequently asked questions
What is the tax benefit of a PPR?
Can I withdraw the money before retirement?
Is a capital-guaranteed PPR always the safest option?
Can I transfer a PPR from one provider to another?
What is the management fee and why does it matter so much?
Why does the fee column not always show the same thing?
Sources
- 1.Optimize PPR Moderado: comissão de gestão, nível de risco e limite de exposição a ações · Optimize Investment Partners · retrieved 14 Aug 2026
- 2.Optimize PPR Ativo: comissão de gestão, nível de risco e horizonte recomendado · Optimize Investment Partners · retrieved 14 Aug 2026
- 3.Optimize PPR Agressivo: comissão de gestão, nível de risco e exposição a ações · Optimize Investment Partners · retrieved 14 Aug 2026
- 4.Save & Grow PPR, ficha do fundo: comissões de gestão, TEC, SRI e subscrição mínima · Casa de Investimentos, SGOIC · retrieved 15 Aug 2026
- 5.PPR Evoluir: condições, taxa garantida e mínimos de subscrição · Fidelidade · retrieved 15 Aug 2026
- 6.Informações pré-contratuais do Seguro PPR Evoluir (custos de gestão até 1,5 %) · Fidelidade · retrieved 15 Aug 2026
- 7.Comparador oficial de PPR constituídos sob a forma de fundo de investimento · CMVM (Comissão do Mercado de Valores Mobiliários) · retrieved 25 Jul 2026
- 8.IMGA Poupança PPR/OICVM Cat A, ficha do fundo de julho de 2026 (dados a 31.07.2026): comissão de gestão 1 %/ano, depositário 0,06 %/ano, subscrição e resgate 0 %, ISRR 4, subscrição inicial 100 € ou 25 € em plano, ISIN PTYAIVLM0008 · IM Gestão de Ativos, SGOIC · retrieved 18 Aug 2026
- 9.Alves Ribeiro PPR/OICVM, ficha mensal de 31/07/2026 (comissão de gestão + depositário 1,5 %, subscrição 0 %, resgate 1 % até 1 ano) · Invest Gestão de Activos, SGOIC (Banco Invest) · retrieved 20 Aug 2026
- 10.Alves Ribeiro PPR/OICVM, Informações Fundamentais Destinadas aos Investidores (reportadas a 31-12-2025): categoria de risco 4, TEC 1,58 %, subscrição mínima 50 €, ISIN PTARMCLM0004 · Invest Gestão de Activos, SGOIC (Banco Invest) · retrieved 10 Aug 2026