The Brazilian Pension Funds Authority (PREVIC) published its 2025 Management Report, reporting that Brazil’s closed supplementary pension system delivered an average annual return of 13.23% in 2025, with defined contribution plans averaging 14.20%. The report also shows a net system surplus of BRL 17 billion and reiterates that the sector’s objective is actuarial balance rather than generating surpluses or deficits. The net result reflected actuarial surpluses of BRL 39 billion across 424 plans with an actuarial result and deficits of BRL 22 billion across 154 plans. Operational metrics included 72 supervisory procedures covering 70 closed pension entities (EFPC), 240 monitoring occurrences affecting 103 EFPC, and analysis of 200 complaints, alongside licensing activity (12 new plans, 216 adhesion agreements and 42 new agreements with federative entities) and the qualification of 964 executives and board members. The report also highlights Resolução PREVIC 26/2025, which recommended that EFPC adopt policies and structures including communication and service policies, an ombuds function, integrity programmes and diversity, equity and inclusion programmes, using plain and accessible language in handling participant demands; it notes 2,663 ombudsman cases handled in 2025 and the launch of the “Painel PREVIC – Cidadão” open-data platform in September 2025. Looking ahead, PREVIC signals that its next regulatory cycle will prioritise improvements to the regime’s solvency model, with proposals under discussion at the National Council for Supplementary Pensions (CNPC). It also points to a proposal to update the sanctions regime that is progressing through government channels, aiming to strengthen risk-based supervision tools such as penalty dosimetry, individualisation of conduct and graduated sanctions.
Brazilian Pension Funds Authority (PREVIC) 2026-03-30
Brazilian Pension Funds Authority publishes 2025 management report showing 13.23% average return and BRL 17 billion system surplus
The Brazilian Pension Funds Authority (PREVIC) published its 2025 Management Report, highlighting an average annual return of 13.23% for Brazil’s closed supplementary pension system, a net surplus of BRL 17 billion and emphasis on actuarial balance. The report details supervisory, licensing and governance actions, including implementation of Resolução PREVIC 26/2025, expansion of ombudsman and open-data tools, and qualification of nearly 1,000 executives and board members. PREVIC says the next regulatory cycle will focus on enhancing the solvency model and updating the sanctions regime to reinforce risk-based supervision.