The Brazilian Pension Funds Authority (PREVIC) published its 2025 Management Report, detailing governance, compliance and supervisory performance and reporting that the closed supplementary pension regime achieved an average annual return of 13.23% in 2025, with defined contribution plans averaging 14.20%. The system recorded a net actuarial surplus of BRL 17 billion, while stressing that closed pension entities should target actuarial balance rather than generating surpluses or deficits. Across 2025, 424 plans recorded an aggregate actuarial surplus of BRL 39 billion, while 154 plans reported an aggregate deficit of BRL 22 billion. The report also summarises supervisory activity, including 12 new plans authorised, 216 adhesion agreements and 42 new agreements with federative entities, plus the qualification of 964 directors and board members. Supervision and monitoring covered 72 inspection procedures across 70 closed pension entities (EFPC), 240 atypical occurrences across 103 EFPC and analysis of 200 complaints, alongside 2,663 ombudsman demands; the report highlights PREVIC Resolution 26/2025, which recommended EFPC implement a communications and service policy, an ombudsman function, integrity programmes and a diversity, equity and inclusion programme, and adopt plain and accessible language. In the management report’s board message, the next regulatory cycle is expected to prioritise improvements to the regime’s solvency model, with proposals under discussion at the National Council for Supplementary Pensions (CNPC), and an update to the sanctions framework that is progressing through government channels to strengthen risk-based supervision tools such as penalty calibration, individualisation of conduct and graduated sanctions.

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