Brazil - Pension System Overview
- Brazil: Pension system in 2018 (Pensions at a Glance 2019. OECD and G20 indicators)
- Brazil Voluntary funded pension profile, 2017 (ISSA/OECD/IOPS complementary and private pensions database)
- Brazilian Pension Funds Stability Report (pdf) (October 2017)
- Pensions At Risk for 80 Million People in Latin America and the Caribbean: http://www.oecd.org/pensions/pensions-at-risk-for-80million-people-in-latin-america-and-the-caribbean.htm, (OECD, 2015).
- Better Pensions, Better Jobs: Towards Universal Coverage in Latin America and the Caribbean, Mariano Bosch, Ángel Melguizo, Carmen Pagés (IDB 2013).
- The Benefits of Offshore Fund Structures in Particular Smart Funds in the Bahamas as a Sophisticated, Low Cost and Flexible Wealth Planning Tool for Brazilian Wealthy Families, (pdf), William Heuseler, Chief Wealth Planning Officer of Itau Private Bank International (2011).
- Infrastructure and pension funds in Brazil (pdf), Economic Watch, Pensions (BBVA, July 2011).
- Non-Contributory Pension Programs in FIAP countries, Part I: Latin America (pdf) (FIAP, July 2011).
- Brazilian System of Pension Funds in the context of the international environment, (pdf), by Colin Pugh and Ricardo Pena Pinhero, the article prepared for the OECD/IOPS Global Forum on Private Pensions, (14-15 October 2009, Rio de Janeiro, Brazil).
- Ministry of Social Security, National Secretariat for Pension Funds: Activities Report 2003-2007,(pdf) (2008).
- Private Pensions in Brazil: Adacir Reis and Leonardo André Paixao, Previdencia Social (pdf) (2004).
A series of measures were adopted by Previc in the second half of 2014 that directly affect the Brazilian occupational pension market. The new rules aim to unburden and give incentives to supervised markets.
Mr. Carlos De Paula, the Head Director of Previc since august 2014, talks about these new rules and the curriculum here.
The Federal Government is preparing a new legislation aiming to establish a complementary pension scheme for the Brazilian federal civil servants. A draft law 1.992 of 2007, submitted for approval to the National Congress, seeks to establish a complementary pension fund for federal civil servants which will manage members’ contributions and pay benefits. New legislation is awaited.
Brazil reinforces supervisory framework over private pension industry and takes measures to improve co-operation among regulatory and supervisory agencies responsible for oversight of the financial industry through establishment of a special Committee.
As of January 2010, a New National Superintendence for Pension Funds (PREVIC) has established to oversight Brazil’s closed pension funds. PREVIC is an independent entity linked to the Ministry of Social Security, which is administrated by a board and financed mainly from a supervision fees levied on the pension funds.
PREVIC Information note (2010)
New Good Practices Guide was issued to the attention of pension industry (version in Portuguese, 2010).
In line with the international recommendations, the co-operation among financial sector regulatory and supervisory agencies in Brazil is being reinforced by creation of the Subcommittee on monitoring of the financial system stability. The main goal of this Committee is to facilitate and co-ordinate the information exchange among the member agencies, as well as promote co-operation with financial sector regulators and supervisors abroad and international organisations.
Explanatory Memorandum N°12 - Creation of the subcommittee on monitoring of the financial system stability.
Key Supervisory and Regulatory Autorities
- Instituto Nacional do Seguro Social (INSS): www.inss.gov.br/
- The National Superintendence for Pension Funds (PREVIC), www.previc.gov.br/
- National Board of Complementary Pensions (CNPC), www.previdencia.gov.br/a-previdencia/orgaos-colegiados/conselho-nacional-de-previdencia-complementar-cnpc/
- The Superintendence of Private Insurance (SUSEP), www.susep.gov.br/