Secretary Of Complementary Pension

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Júlio César Farias Benevides
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1 QG 2(&'&21)(5(1&(21 35,9$7(3(16,216,1%5$=,/ -RVp5REHUWR)HUUHLUD6DYRLD Secretary Of Complementary Pension (Room Document N 26, Session 3) MAY

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3 6FKHGXOH Structure Legislation External Audit Action Principles Conclusion 3

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5 6WUXFWXUH Base 1: Official Pension System: Mandatory Social Security - INSS. Base 2: Complementary Pension System: Closed Pension Fund - SPC. Base 3: Complementary Pension System: Opened Pension Fund - SUSEP. 5

6 6WUXFWXUH Improve and promote the complementary pension system growth, assuring: Transparency; Affordability; Accountability; Efficiency. 6

7 /HJLVODWLRQ 7

8 /HJLVODWLRQ Modernization of legislation related to closed complementary pension system: Law 108/ Dispose about government and complementary pension fund relation. Law 109/ Dispose about complementary pension system. 8

9 /HJLVODWLRQ Modernization of legislation related to closed complementary pension system: Law Project 09/99 - Dispose about the rules of complementary pension to public employees. Resolução CMN Nº 2.829/01 - Dispose about the rules of asset investment of the complementary pension funds. 9

10 ,QLFLDO&RQFHUQV Portability and vesting are important tools to preserve the retirement rights of members of benefit plans of complementary pension fund. 10

11 3RUWDELOLW\ Possibility to change funds of benefits plan to the other that have the same characteristic. This is possible when the member stops the link with the sponsor. The portability must be done among complementary pension funds, with an agreement. 11

12 9HVWLQJ The possibility to get correspondent benefits if the member stops the link with the sponsor. 12

13 5HVROXomR&011ž Innovation: Risk control; Disclosure of investment policy; Diversification and risk reduction; Conditions for assets and liabilities matching; Long run investments. 13

14 5HVROXomR&011ž Implementation of corporate governance rules for the closed complementary pension system: Adoption of assets investment policy; Risk control in assets application; Designation of a independent auditor responsable for examing technicals and operational procedures and management controlling. 14

15 5HVROXomR&011ž Good Corporate Governance Principles for pension funds: Responsability; Accountability; Transparency; Efficiency; Affordability. 15

16 ([WHUQDO$XGLW 16

17 ([WHUQDO$XGLW The pension fund has to achieve an external audit, in every five years in their benefit plan. It must be done in actuarial and benefit matter. The pension fund has to achieve an audit to each benefit plan that manage. 17

18 ([WHUQDO$XGLW Actuarial Aspects (Resolution MPAS/CGPC N.º 03, ); The actuarial audit will take into account analysis of hypotheses, parameters, regimes, financing methods, covering level and the participants' cadaster used in the elaborations of the actuarial evaluations of the benefit plans. 18

19 ([WHUQDO$XGLW Benefit Audit: Members analysis; Management analysis of benefit plans. 19

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21 )LQDQFLDO$FWLRQ ATUAÇÃO FINANCEIRA CONSELHO MONETÁRIO NACIONAL BANCO CENTRAL MINISTÉRIO DA FAZENDA MINISTÉRIO DO PLANEJAMENTO 21

22 $FWXULDODQG/DZIXO$FWLRQV ATUAÇÃO ATUARIAL ATUAÇÃO JURÍDICA CONSELHO DE GESTÃO DE PREVIDÊNCIA COMPLEMENTAR CGPC 22

23 3ULQFLSOHV 23

24 3ULQFLSOHV Secretariat of Complementary Pension as a supervisory authority. Must be envolved with pension funds: Authorizing; Monitoring every process of asset management. 24

25 3ULQFLSOHV The supervisory authority must act: Responsability; Accountability; Sanctions for malpractice; Transparency. 25

26 3ULQFLSOHV Transparency: The annual report of the pension fund - making easy the information to sponsors and members. SIP - Standard Investiment Practice - communicate to the supervisory authority the objectives of each fund, its strategic asset allocation and it risk tolerance. ALM - Asset Liability Management - these should not be mandatory, but they could be good practice. 26

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28 &RQFOXVLRQ The Secretary of Complementary Pension: Work with CVM, BACEN and other government authorities to promote closed retirement system and asset market enlargement and strengthenness. Expand the relations between market and pension fund, looking to a good regulatory environment that can achieve all pension system necessity. 28

29 &RQFOXVLRQ The Secretary of Complementary Pension: Responsability and transparency are the most important elements for the protection of members right. Expand participants actions in the pension funds practices control, as in the investments and fund s board. 29

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MINISTÉRIO DA PREVIDÊNCIA E ASSISTÊNCIA SOCIAL SECRETARIA DE PREVIDÊNCIA COMPLEMENTAR. Sao Paulo May 23, 2002 6HFRQG2(&'&RQIHUHQFHRQ 3ULYDWH3HQVLRQVLQ%UD]LO 0LQLVWU\RI6RFLDO6HFXULW\DQG$VVLVWDQFH RI%UD]LO )DELR2KDUD,VKLJDPL 6HFUHWDULDWRI&RPSOHPHQWDU\3HQVLRQ 5RRP'RFXPHQW1ƒ6HVVLRQ Sao Paulo May 23, 2002 6HFRQG2(&'&RQIHUHQFHRQ