The Brazilian Pension Funds Authority (PREVIC) used the launch of a new cross-party Parliamentary Front focused on strengthening closed complementary pension entities (EFPC) to push for an update to Brazil’s sanctions regime for the sector, which dates from 2003. PREVIC’s director-superintendent, Ricardo Pena, proposed that supporting this overhaul be among the group’s first priorities, noting that PREVIC has already drafted a revised text following extensive sector engagement and discussions within the federal government. PREVIC framed the initiative against the scale of the system, citing around eight million people covered, 270 EFPC and BRL 1.3 trillion in pension reserves, and pointed to roughly 180 bills in Congress that directly affect pension funds. Pena argued that a modernised framework should provide more up-to-date supervisory tools and better align with PREVIC’s stated focus on maintaining orderly system functioning, benefit payments, and sound management and governance. The Parliamentary Front was established with signatures from 200 deputies and seven senators across 18 political parties, and set an initial agenda centred on monitoring legislative proposals affecting EFPC, defending participants’ and beneficiaries’ rights, and promoting debate and coordination across branches of government and civil society to improve the sector’s legal framework.

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