Long abstract

The objective of the Global Forum was to examine reform progress and recent pension fund industry developments in Brazil and in the Latin American region in general, focusing on the main challenges facing DC privately-managed individual pension schemes – the main type of retirement arrangements in the region.

Being introduced as a part of a vast pensions reform process held over the last 20 years, private pension plans based on DC individual accounts are currently under closer scrutiny as the governments are increasingly looking for the ways to reinforce and streamline the regulatory framework governing their operation with a view to achieve greater equity and efficiency in retirement income provision. The current global financial crisis, entailing considerable losses in the value of funds held by the DC pension schemes (especially for many individuals/participants close to retirement) has increased the need for policy measures to improve the protection of members of these plans  and to reinforce the sustainability of DC retirement saving systems.