The Brazilian Pension Funds Authority (PREVIC), via its Licensing Directorate, authorised the creation of a new closed supplementary pension entity, EletrobrasPrev (Private Pension Foundation), following an application by sponsor Centrais Elétricas Brasileiras S.A. (Eletrobras). EletrobrasPrev has up to 180 days to begin operating. The application was filed on 7 November 2024 and was assessed after PREVIC requested additional documentation. PREVIC reported that Eletrobras met the applicable legal requirements, citing Complementary Law 109/2001, National Council for Complementary Pension (CNPC) Resolution 40/2021 and PREVIC Resolution 23/2023. Eletrobras indicated the new structure is intended to bring together five existing closed pension entities, Fachesf, Real Grandeza, Eletros, Previnorte and Elos, with an expected social patrimony exceeding BRL 40 billion based on the combined pension reserves. PREVIC noted that any subsequent requests by the pension funds to join EletrobrasPrev through merger, incorporation or migration will be assessed separately, with a focus on safeguarding the assets of participants and beneficiaries under the applicable legislation. Associations representing participants and beneficiaries may seek to participate in that next phase and will be admitted according to the criteria set out in PREVIC Ordinance 85/2025 and PREVIC Resolution 23/2023.

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