At the 46th Brazilian Private Pension Congress, Brazilian Pension Funds Authority (PREVIC) director-superintendent Ricardo Pena outlined regulatory priorities for the closed supplementary pension sector, including a proposal sent to the National Council for Complementary Pensions (CNPC) to amend CNPC Resolution 30/2018 and introduce a new solvency rule for pension plans. He also highlighted plans to expand automatic enrolment and to incorporate environmental, social and governance (ESG) criteria into investment policies on a gradual basis. PREVIC indicated the solvency proposal follows 15 months of technical work and is intended to reduce the number of funding recovery plans triggered by temporary, non-structural conditions. Pena linked the policy agenda to demographic and fiscal pressures, arguing that population ageing and lower fertility could eventually lead to a non-parametric reform of the social security system, with funded complementary pensions becoming mandatory for new entrants, and cited sector measures including a law allowing members to choose the tax regime at benefit payout, PREVIC Resolution 23/2023, National Monetary Council Resolution 5202/2025 and recent CNPC resolutions. Separately, Social Security Minister Wolney Queiroz said he re-submitted to the Presidency’s Civil House a draft update of the sanctioning regime under Decree 4,942/2003, aiming to modernise the disciplinary framework and set an “appropriate balance” between supervision and the investigation of infractions by PREVIC and the Complementary Pension Appeals Chamber.

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