The Brazilian Pension Funds Authority has published a rule setting the benchmark interest rate and the reference corridor, with upper and lower limits, that closed supplementary pension entities (EFPCs) must use when defining the annual real interest rate for benefit plans in the 2026 actuarial exercise. The 2026 parameters are higher than in previous years, reflecting a shift in the interest rate curve to higher levels linked to recent yields on inflation indexed federal government bonds. The benchmark rate and corridor are based on the five-year daily average of the Estimated Term Structure of Interest Rates published by ANBIMA for maturities of up to 33 years. EFPCs must assess the adequacy of the annual real interest rate against expected returns and the characteristics of their liabilities. Use of a rate within the corridor is automatically authorized, while a rate outside the range requires prior PREVIC approval supported by a technical justification. Applications, where needed, must be filed by 31 August 2026 in a single submission containing the adequacy study, a request signed by the EFPC’s legal representative, and the information and documents required under PREVIC Ordinance 835/2020. The annual measure is issued under CNPC Resolution 30/2018 and PREVIC Resolution 23/2023 and is intended to guide EFPCs in setting the actuarial target for their plans.

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