Previ, the pension fund for employees of Banco do Brasil, recorded a deficit of R$ 2.3 billion in the accumulated from January to October this year, a reflection of the worsening of the markets in the second half of the year. The data refer to Plano 1, which has around 110 thousand members and recorded a 4.56% profitability in the period, a performance below the actuarial target of 11% (INPC + 4.75% per year).
The result completely reverses the surplus registered in 2021. In May, for example, the surplus reached R$ 28 billion in the accumulated result for the year. According to the foundation, the plan was impacted in recent months by uncertainties in international markets and, in the domestic scenario, by uncertainties due to the high Selic rate, in addition to the drop in GDP growth projections.
“Since the beginning of the pandemic, there has also been a mismatch in production chains at a global level, which led to a price problem also in Brazil and increased inflationary pressure. This scenario, combined with the predictable volatility of a pre-election year, affects both fixed income and variable income investments”, the foundation states in a note, noting that the situation does not only affect Previ.
Despite the shortfall, Previ stated that “the need for extraordinary contributions in 2022 by associates is very remote” to address the negative performance. In Plano 1, 95% of associates are retired, receiving benefits. The foundation reiterated that it has been gradually migrating investments from Plano 1 from variable income to fixed income to avoid losses.
“At this stage of maturity, it is important to preserve the wealth that has already been formed, reduce risks and seek balance. After all, prevention is better than cure”, informed the foundation. “Since 2018, more than R$52 billion in shares from 30 companies have been migrated to long-term government bonds. These assets have five characteristics that help protect the plan, the main one being the compensation rates.”
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