The Brazilian Pension Funds Authority (PREVIC) published the first execution report for its 2025 Annual Supervision and Monitoring Programme (PAF 2025), reporting completion of 72 inspection procedures covering 70 closed pension funds (Entidades Fechadas de Previdência Complementar, EFPC) during 2025 and generating 1,057 supervisory acts, including information requests, recommendations, determinations and points of attention. The report sets this within a shift to risk-based supervision and the segmentation of the supervised population to support monitoring and inspection across all 270 EFPC foundations. PREVIC executed 96% of planned supervisory procedures, fully meeting targets for permanent supervision (10 EFPC), periodic supervision (11) and direct specific fiscal actions (2), while recording slightly lower completion for diligences (27 vs 29 planned) and special follow-up (22 EFPC vs 23 planned). Outputs included 233 determinations, 367 recommendations, 104 requests for formal positioning, 148 points of attention, and 201 requests for information and documents to deepen analysis; four infringement notices were also issued against two entities for breaches of applicable rules, involving 14 directors, with sanctioning proceedings to follow due process and defence rights. The 70 inspected entities represented 27.6% of all EFPC, 48.2% of members in closed pension plans (more than 4 million people) and 69.5% of assets (BRL 843 billion), spanning segments S1 (10), S2 (23), S3 (22) and S4 (15). On monitoring, the programme covered 103 entities across segments and 191 plans, treated 240 occurrences and issued 110 additional information and document requests. Workstreams included checks of mortality data in actuarial disclosures for five entities, monitoring of atypical investment operations selecting six financial assets across more than 30 entities for follow-up, reviews of items such as liability duration and pricing adjustment statements, independent auditor reports and investment policy limits, and thematic supervision on areas including succession and variable remuneration policies, internal controls over benefit payments, cooling-off rules for former directors, federative entities and contingent liabilities. PREVIC also reported building statistical models to estimate plan solvency and an artificial-intelligence dashboard to identify atypical investment operations, developed in partnership with Finep.

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