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The federal government changed private pension plan regulations to make investment more attractive. In Espírito Santo, the measure will increase the number of employees who will receive support from their companies in their retirement plans.
Currently, there are around 50 thousand employees with a supplementary plan fully or partially funded by the company, and the number should reach 100 thousand.
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The estimate is from the president of the Labor Relations Council of the Federation of State Industries (Consurt), of the Federation of State Industries (Findes), Fernando Otávio Campos, and confirmed by Finance experts.
The head of Private Pensions and Corporate Insurance at Valor Investimentos, Cássio Landes, explains that large companies have used these plans as part of their benefits package, a practice that should become increasingly common.
He said that the plans are offered by insurance companies, through intermediaries such as insurance brokers and investment platforms.
“In addition to attracting better professionals, companies that adhere to Lucro Real can deduct part of their corporate pension costs from Corporate Income Tax (Legal Entity), along the same lines as some other benefits”, explained the executive.
The updates to the standards are from the National Private Insurance Council (CNSP), linked to the Ministry of Finance. The changes are in open pension plans, which have an accumulation characteristic, that is, there is a compounding period for the investment that will be converted into income in the future.
“More and more people are not trusting official Social Security, so the search for stability ends up in private plans”, highlighted economist José Márcio de Barros, explaining that the worker’s monthly payment to the fund tends to vary from 5% to 9%. % of income, and the company contributes the same amount.
One of the main changes imposed by the government is the determination that established plans, that is, those that provide for contributions from companies, have a clause for automatic participation of participants. Previously, it was necessary for the new employee to express an interest in joining.
Other changes include: insurers must now alert savers if their profile is out of step with the type of investment; and the participant will now be able to decide how to enjoy the benefits when the resource period is approaching.
Risk is lower than in other types of investments
Experts highlight that the risk of financial loss in open private pension plans exists, but is considerably lower compared to other funds.
“The risk is that the financial institution will have a serious problem and go bankrupt. But you have a series of bodies that strictly monitor the sector, which makes this quite unusual”, explains economist Ricardo Paixão.
Finance executive Cássio Landes explains that, unlike pension funds, open private pensions operate under the individual capitalization regime — although the fund is common, each investor has their own number of shares, which can be redeemed at any time. He says the product is one of the safest on the market:
“The risk always belongs to the insurer and for this reason insurers maintain the minimum capital required by Susep (superintendence that regulates the sector) to overcome any problems. As the funds work by accumulation and cannot leverage, the loss cannot be greater than the amount invested. There is a lot of security in the ‘new’ private pension.”
What has changed
VGBL and PGBL
The changes are described in two resolutions issued on February 19. Number 463/2024 is aimed at the so-called Free Benefit Generating Plan (PGBL); and 464/2024, related to Vida Gerador de Benefício Livre (VGBL).
The VGBL and PGBL products are private pension plans with an accumulation feature, that is, there is a compounding period for the investment that will, in the future, be converted into income.
The main difference between the two is in the tax treatment. In both cases, Income Tax (IR) is only levied on the redemption or receipt of income. In VGBL, IR is only applied to income; in PGBL, on the total amount to be redeemed or received in the form of income.
Automatic inclusion
One of the main changes imposed by the resolutions is the determination that established plans, that is, those that provide for contributions from sponsors, establish a clause for automatic participation of participants.
For example, when a professional is hired by a company that offers pension plans to employees, he or she will be automatically included. Previously, it was necessary for the new employee to express interest in joining the plan.
Within a certain period that will still be regulated by the Private Insurance Superintendence (Susep), this worker will be able to decide whether to maintain membership or leave the plan. Meanwhile, the company will make contributions normally, without incurring any cost to the employee.
Adequacy
Another change is the responsibility that insurance companies must have with suitability — a term in English that refers to the adjustment between the profile of participants and the type of investment. In other words, people who are close to retiring are advised to have more fixed income (CDBs, Tesouro Direto) than variable income (shares, real estate funds) in their pension portfolio.
Decision time
The time to choose how to enjoy the benefits is also new to the resolutions. Previously, the choice took place when the participant adhered to the plan.
With the change, the decision can only be made when the participant is approaching the period of enjoyment of the accumulated resources.
Current interest
Still regarding how to receive the benefit, participants will be able, based on the new rules, to use interest rates that are more consistent with those being charged by the market at the time of disbursements when calculating recurring income.
Types of income
Another change is more freedom for participants to choose how they will receive income. Previously, there was a choice whether to receive the entire accumulated amount at once, or monthly for a specific period, or for life.
Now, the saver will be able to choose a short time before fruition and even make a combination of forms. The changes still imply receiving even while you are in the accumulation period. Or even suspend accumulation for a while while you receive income and then start making contributions again.
Furthermore, in the case of monthly income, the amount does not need to be linear. It may, for example, be larger at the beginning.
Tax loophole
The resolutions also include a rule to avoid tax loopholes for super-rich families, which would undermine the purpose of the private pension plan. Now, an insured person will not be able to keep more than R$5 million in a VGBL plan when he and his family hold more than 75% of the shares in the investment fund linked to the plan.
Source: Experts cited and Agência Brasil.
Analysis
“Essential to think about post-retirement”
“It is essential to think about the post-retirement future, and there is a considerable portion of the population who are worried about the National Social Security Institute (INSS), after all, it is overloaded. Private pensions emerge in this scenario as an alternative, because people will turn to it in the sense that it is a valid alternative in the population’s search for a future guarantee of a better income.
There are, of course, risks, especially when it is the government that manages this, as in the case of Correios, where there was a loss for workers in that sector due to improper management of resources. When it is a private company, I see this as more difficult to happen.”
– Jorge D’Ambrósio, economist
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