Brazilian Pension Funds Authority ends intervention in Portus pension fund after BRL 2.149 billion conciliation agreement

The Brazilian Pension Funds Authority (PREVIC) approved the end of the intervention in Portus – Instituto de Seguridade Social, which had been in place since August 2011. The decision enables the pension fund’s provisional management to take office and returns governance to participants and sponsoring employers, while keeping Portus under ongoing PREVIC supervision until it is deemed back to normal operations. Closure of the intervention followed a February 2025 conciliation agreement that PREVIC linked to the restoration of Portus’s economic, financial and actuarial balance. The settlement totals BRL 2.149 billion, comprising BRL 1.146 billion under a Termo de Composição e Ajuste de Dívida and BRL 1.003 billion under a Termo de Compromisso Financeiro paid by sponsoring companies, plus BRL 23.245 million paid by the Federal Union as successor to Codomar, with participant unions and associations agreeing to withdraw court proceedings against the sponsors. PREVIC also approved a final intervention report containing 12 recommendations for future management, spanning matters such as recording sponsor guarantees, confirming balance through an actuarial “relevant fact” assessment, completing sponsorship withdrawal processes, monitoring specific legal actions and strengthening internal controls. Portus’s collegiate body has six months to organise the ordinary election process for its statutory bodies, including the executive management, deliberative council and fiscal council.