Government prohibits creation of exclusive pension funds for the super-rich

The National Council of Private Insurance (CNSP), linked to the Ministry of Finance, published two resolutions that change the rules of private pensions and the insurance sector. One of the measures prohibits the creation of exclusive pension funds for the super-rich, with balances above R$5 million.

“The new regulation immediately prohibits, from the beginning of its validity, the constitution of exclusive family plans with individual balances above R$ 5 million, the rule for dealing with non-compliance will be defined in Susep’s complementary regulations”, explains the ministry. .

According to the ministry, the objective is to make open supplementary pension plan and personal insurance products more compatible and adapted to consumers’ needs. And the measure will also be a way to prevent these funds from being misused for tax and succession planning by high-income investors.

The economic team pointed out that estimates for exclusive pension funds already account for around R$60 billion, a volume that is still small compared to that of exclusive funds (more than R$800 billion).

“These are improvements relevant to the development of the open supplementary pension and personal insurance market, which currently has around R$1.4 trillion in investments”, points out the Treasury.

The ministry also reinforced the possibility of established plans – that is, those that provide for contributions from sponsors – to establish an automatic participant adhesion clause in their contractual provisions. The new regulations also reinforce the importance of transparency and provision of information to consumers.