Brazilian Pension Funds Authority (PREVIC) directors Alcinei Rodrigues and Ricardo Pena published a book chapter on investment and financial asset pricing in pension funds, analysing CNPC Resolution 61/2024, which reintroduced the accounting classification of Brazilian federal government securities as “held to maturity” for defined contribution (DC) and variable contribution (VC) plans. The option already existed for defined benefit (DB) plans. The authors argue that the change enables a more flexible fit between the business models of closed pension entities and the accounting management of financial assets, taking into account plan design, maturity and whether the plan is in the accumulation or benefit payment phase. They further state that this can support greater stability and pension security without reducing transparency of plan results, while also contributing to federal public debt management, particularly at the long end of the yield curve, and they discuss the impacts, opportunities and potential areas for further regulatory adjustment.

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