Proceedings of 3rd European Business Research Conference
4 - 5 September 2014, Sheraton Roma, Rome, Italy, ISBN: 978-1-922069-59-7
Investments of Brazilians' Pension Funds
Luís Eduardo Nunes 1 and Marcus Vinícius Andrade de Lima2
The economic world has changed dramatically since the big crisis in 2008.
The damages caused by this event were numerous and took different
impacts around the world. This new context could bring to Brazilians '
pension funds a different asset allocation. This paper tries to show the
Brazilians ’ pension funds asset allocation and the characteristics of this
system with crossing data to many bibliographic research sources. The data
collected and analyzed demonstrate that, in spite of last depression, the
Brazilian’s pension funds still hold a very cons ervative asset allocation and
have a powerful amount of resources when we compare with GDP.
JEL Codes: F65, G11 and J32.
1. Introduction
The global economic conjuncture, arising from the last financial crisis of 2008, which
started in USA and spread through the world, caused huge losses to the society, but this
was not the first slump, much less be the least. A proof of this is the current situation of
U.S. economy and the economies of European’s countries (2011, 2012 and 2013). The
consequences are felt in different shares and could not be different in Brazilian’s economy.
The impacts of this crisis are felt in different sectors of the Brazilian’s economy and it
would be not different in the pension funds system. Pension funds uses the capitalization
system, in which the present contributions of the participants will be invested and
monetized in the finance market, because, in the future, all of these participants will
receive a supplemental retirement, that their pension funds’ plan had agreement with
them. According to Fortuna (2008), these plans operators are institutions that aimed at
valuing the assets of a restricted group or not, complementation to guarantee retirement
and, therefore, a part of their funds are invested in the financial and capital markets.
According to the Organisation for Economic Co-operation and Development (OECD), the
Brazilian private pension system ranks eighth in absolute terms, which shows the power of
this system in over those 30 years of regulate existence. (OECD, 2010). Nowadays, Brazil
has 327 pension funds, with 1,088 pension plans, 2,803 sponsors/institutor and US$
332.53i billion of assets, benefiting 3.28 million participants and beneficiaries. (PREVIC,
2013a).
The pension funds do investment's decisions every day, because they need to allocate
participants' resources in many kinds of investments. So, it's very important that
investment's decisions involve the preparation, evaluation and selection of proposals for
capital investments made for the purpose, usually medium and long term, to produce
certain return (ASSAF NETO and LIMA 2011). The input or output of a particular
investment is taken with rational criteria known until the moment of decision. Thus,
investment decisions become complex and changing over the time.
1
Msc, Luís Eduardo Nunes, Federal University of Santa Catarina (UFS C), Brazil. Email:
duda.luiseduardo@gmail.com,
2
Dr, Marcus Vinícius Andrade de Lima, Federal University of Santa Catarina (UFS C), Brazil. Email:
marcus.lima@ufsc.br,
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Proceedings of 3rd European Business Research Conference
4 - 5 September 2014, Sheraton Roma, Rome, Italy, ISBN: 978-1-922069-59-7
The strategies and investment decisions are changing as the development of national and
world economy. Factors such as the stability of national currency, inflation control,
confidence in the Central Bank, security economic policies, recognition of Brazilian
improvements by rating’s agencies (Investment Grade), dropped the long term interest
rates and other factors, show how Brazil changed since the adoption of Real planii.It’s
evident that, in almost two decades of Real plan, Brazil has a powerful economy and some
investment assumptions has previously used by private pension institutions were changed
by this new national economic situation.
This context of global economic crisis, national economy’s improvements and the risks
associated with investment decision, forcing to pension funds balancing their investment
portfolios with an assets diversification, reducing the portfolio risk and seeking great
returns. These variables point to a different direction of investments for the equities,
structured investments, and overseas investments, others segments. (GÓES, 2008).
This paper focuses to aims to understand the Brazilian`s pension funds characteristics an
how these institutions do their asset allocation.
The remainder of the study is organized as follows. Next section presents a literature
review about pension funds and Brazilian specifications. In section 3 the specification of
research procedures are described. Section 4 shows the findings about Brazilian pension
system. In section 5 concludes and shows the overview of this economic sector.
2. Literature Review
Brazilian social security (general system) are based on generational pact, in which active
employees paid the retirement benefits of retirees and, in turn, will have their benefits paid
by future generations of employers (distribution system).
The Brazilian Social Security System is composed by the General Social Security System
(RGPS iii ), Public Servants’ Pension System (RPPS iv ) and the Supplementary Pension
System (RPC v ). This system is based on the federal constitution, constitutional
amendments, laws, regulatory instructions and resolutions. Figure 1 shows the divisions of
national social security system.
Figure 1 – Social Security of Brazil.
Brazilian Social Security System
General Social
Security System
Supplementary Pension
System
Public Servants’
Pension System
Source: Done by the authors.
The general social security system is based on cash basis (distribution system), is
management by Instituto Nacional de Seguro Social (INSS vi ) and aims to cover all
employers in the private sector and public sector, whe n there is no specific pension
system for themselves. (PINHEIRO, 2007).
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Proceedings of 3rd European Business Research Conference
4 - 5 September 2014, Sheraton Roma, Rome, Italy, ISBN: 978-1-922069-59-7
The pension system of public servants is a kind of general social security system, but only
a part of the Brazilian population can participate. This one is also compulsory and just for
office holders servers the effective federal entities - Union, States, Federal District and
Municipalities.
According to Domeneghetti (2009), the supplementary pension system uses the
capitalization system for the formation of its reserves and is intended for private
employees, public employees and associated servers. This system can be fomented by
corporate members of a class or sector. In Pinheiro (2007) opinion, the supplementary
pension system has, first, complementary characteristic and shows up an option for
policyholders of other systems that aim to gain values above the top of the benefit to which
they belong and, second, this system serves for employees who are not in the formal job
market but would like to have an income in the future. In Figure 2, we could see a brief of
those three subdivision system.
Figure 2 – Social security system.
Brazilian Social Security
General Social
Security System
Public Servants'
Pension System
- Public;
- Compulsory for all workers
covered by CLT;
- Management by INSS;
- Distribution system.
- Public;
- Compulsory for all public
servants;
- Distribution system
Supplementary Pension
System
- Private;
- Contractual;
- Voluntary Membership;
- Independent from general and public servants' system;
- Capitalization system.
Source: Domeneghetti, 2009, p. 17.
According to Brazilian laws, the supplementary pension system can be split between
opened institutions and closed institutions. For Pinheiro (2007), opened institutions are
operated by profit corporations (banks and insurance company) that offer pension plans
both collective and individual. These institutions offer their plans for citizens who wish to
purchase a pension plan and do not have this benefit in their companies.
For Góes (2005), closed institutions or pension funds are composed by companies and
their employees, and also by unions, associations and professional groups. The pension
funds are a private enterprise created by agreement between the sponsoring companies
and their employees, or between unions and/or associations of workers. Pinheiro (2007)
emphasizes these characteristics and says that pension funds are accessible to
employees of a particular company or group of companies and institutions such realize the
function of that pension fund sponsors. There is the option of institutor, where the figure of
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Proceedings of 3rd European Business Research Conference
4 - 5 September 2014, Sheraton Roma, Rome, Italy, ISBN: 978-1-922069-59-7
the sponsor does not exist and only the set of individuals who are member of a particular
group (professional associations, unions and others).
According to Brazilian law, closed institutions can offer three kinds of benefit plans:
Defined Benefit (DB), Defined Contribution (DC) and Variable Contribution (VC) or Mixed
Plans.
Defined Benefit Plan is a pension plan under which an employee receives a set monthly
amount upon retirement, guaranteed for their life or the joint lives of the member and their
spouse. This benefit may also include a cost-of-living increase each year during
retirement. The monthly benefit amount is based upon the participant’s wages and length
of service. In other hand, for Defined Contribution Plan is a retirement savings program
under which an employer promises certain contributions to a participant’s account during
employment, but with no guaranteed retirement benefit. The ultimate benefit is based
exclusively upon the contributions to, and investment earnings of the plan. The benefit
ceases when the account balance is depleted, regardless of the retiree’s age or
circumstances. Examples of such plans are 457, 401(k), and 403(b) plans.
The Brazilian supplementary pension system has a specific kind of benefit plan called
Variable Contribution plans (VC). According to Góes (2008), this kind of plan mixed
defined benefit plan and defined contribution plan to create another kind of. The VC plans
are characterized by individual account balances in saving phase (like a DC plan) and the
defined benefit from the annuity that is paid to retirees (like a DB plan). In some cases,
there are other components of defined benefit inserted into the design of this kind of plan,
such as minimum pension and death benefits and/or disability before retirement.
3. The Methodology
The methodology used in this paper was bibliographic research, because we focus our
energy using government’s reports, union’s statistics, some books and other material that
could bring relevant information to do this study.
With all researches, reports, documents and other materials found, we cross all data to
see how the Brazilians’ pension funds do their asset allocation and how is the
supplementary pension system in this country.
4. The Findings
There are 324 pension funds in Brazil, and 68.2% of them have a private sponsor, 25.6%
are sponsored by public companies and government. and only 6.2% are institutors of
benefit plans.
Table 1 - Investments and number of institutions (EFPC) by the main sponsor.
vii
Main Sponsor Number of Institutions
%
Assets (US$ mil)
%
Institutor
20
6,2%
1,000,415
0,3%
Private
221
68,2%
101,182,086
35,2%
Public
83
25,6%
185,168,099
64,5%
Total
324
100%
287,350,600
100%
Source: PREVIC (2013b).
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Proceedings of 3rd European Business Research Conference
4 - 5 September 2014, Sheraton Roma, Rome, Italy, ISBN: 978-1-922069-59-7
The most of resources (64.5%) of pension funds are sponsored by public's companies,
since 35.2% of all the funds invested is sponsored by private institutions and only 0.3% of
the all resources come from institutors.
In spite of the larger number of institutions sponsored by private companies, we note that
the biggest part of the financial resources is under the domain of public pension funds
sponsored. The financial amount of institutors still very lower, because they started them
operations a short time ago and also have a strong competition with opened institutions
(banks, insurance companies, etc.). Table 2 shows the top 10th closed institutions of
pension from them assets and subdivided by sponsor.
Table 2 - Top 10 institutions (EFPC), according to main sponsor and assets. (US$ - million
Rkg
Institutor
Private
viii
).
Public
Assets
%
Institution
Assets
%
Institution
Assets
%
282
33,7%
FUNCESP
10.220
9,6%
PREVI
76.512
39,2%
8.208
7,7%
PETROS
32.516
16,7%
3
Institution
QUANTA
PREVIDÊNCIA
HSBC
INSTITUIDOR
OABPREV-SP
7.740
7,3%
FUNCEF
23.907
12,3%
4
5.573
2,9%
5.216
2,7%
4.217
2,2%
1
163
19,5%
114
13,6%
ITAÚ UNIBANCO
VALIA
OABPREV-RJ
49
5,8%
BANESPREV
6.427
6,0%
5
OABPREV-PR
47
5,7%
SISTEL
6.380
6,0%
6
OABPREV-SC
31
3,8%
3.982
3,7%
7
OABPREV-MG
30
3,6%
3.356
3,2%
CENTRUS
3.782
1,9%
8
MUTUOPREV
27
3,3%
FATL
PREV.
USIMINAS
TELOS
FORLUZ
REAL
GRANDEZA
FAPES
2.578
2,4%
3.760
1,9%
9
JUSPREV
26
3,2%
HSBC
2.354
2,2%
3.108
1,6%
VISÃO PREV
POSTALIS
FUNDAÇÃO
COPEL
FACHESF
2
10
18
2,3%
2.128
2,0%
2.465
1,3%
Total 10+
OABPREV-GO
792
94,5%
53.379
50,2%
161.059
82,6%
Total Geral
838
100%
106.323
100%
194.958
100%
Source: PREVIC, 2013b.
For institutors, the top 10th represent almost 95% of all assets of that class. There are how
to verify that the supplementary pension system of Ordem dos Advogados do Brasil
(OAB) ix is fragmented into different institutor around the country. The pension funds
sponsored from private companies, we note that the top 10th represent almost 50% of all
assets. This demonstrates that there is a greater distribution of invested volume among
the 221 institutions. A detail is the facts that among these are 2 banks (ItaúUnibanco - 2nd
and HSBC – 9th) which also operate in the opened institutions market share. Finally,
institutions that have public sponsor, as you can see, the top 10th hold 83% (approximate)
of the whole amount of assets in this category . Importantly that only PREVI has
approximately 40% of all assets and almost 2.5 times the equity of the second (PETROS)
among closed institutions that receive sponsorship of public companies.
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Proceedings of 3rd European Business Research Conference
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Table 3 - Number of pension plans by type of
plan.
Number of
Type of Plan
Pension
%
Plan
Defined Benefit
334
30,61%
Defined Contribution
406
37,21%
Variable Contribution
351
32,17%
Total
1.091
Source: PREVIC, 2013b.
Table 4 - Number of pension plans by type of
sponsor.
Number of
Type of
Pension
%
Plan
Plan
Institutor
62
5,68%
Sponsored
100,00%
1.029
94,32%
Total
1.091
100,00%
Source: PREVIC, 2013b.
As can be seen in Table 3 and Table 4, there are 1,091 pension plans operating in Brazil,
such an overwhelming share of 94.32% are operated by institutions sponsored plans and
the remainder operated by institutors (without sponsorship). All of the currently active
plans, there is a balance in the number of plans by kind of benefit, and 37.21% are defined
contribution plans (DC), 32.17% are variable contribution plans (VC) and 30.61% are
defined benefit plans (DB).
While the number of plans is very balanced between the different types of plans, the same
is not true when we consider the size of financial investments that each type holds. In
Figure 4 the percentage of funds invested in each type of benefit plan pension funds
market shown that DB plans hold 73% of all funds invested, the DC plans have 9% of all
resources and 18% of the money is allocated in VC plans.
Figure 4 – Investments by the type of plans.
18%
9%
73%
Defined Definido
Benefit
Benefício
Defined Contribution
Contribuição
Definida
Variable Contribution
Contribuição
Variável
Source: PREVIC, 2013b.
Table 5 demonstrates the top 10th benefit plans in asset size, and regardless of the type or
form of sponsorship money.
As you can see, the benefit plan of PREVI holds about 25% of all pension funds' resource.
So when we study pension funds' system PREVI is considered a special case. However,
the top 10th pension plans are also the 10 biggest defined benefit plans. This relation is
due to the beginning of pension funds in Brazil and abroad, where they followed the model
already employed in social security. Thus, DB plans reigned in Brazil for a long time
without other "modern" methods (DC and VC). (In Appendix A of this paper are the
relationships of the top 10 benefit plans considering each kind of plan.)
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x
Table 5 - Top 10 benefit plans, according to and assets. 09/30/2013. (US$ - million).
Rkg
Institution
Plan
Assets
%
1
PREVI/BB
PB1
74.464
24,68%
PLANO PETROS DO SISTEMA
2
PETROS
27.222
9,02%
PETROBRÁS
3
FUNCEF
REG/REPLAN
20.877
6,92%
4
SISTEL
PBS-A
5.333
1,77%
5
VALIA
PLANO BD
4.999
1,66%
6
REAL GRANDEZA
PLANO BD
4.949
1,64%
7
FAPES
PBB
4.138
1,37%
8
CENTRUS
PBB
3.638
1,21%
9
FUNCESP
PSAP/ELETROPAULO
3.604
1,19%
10
BANESPREV
PLANO V
3.441
1,14%
Total 10+
152.669
50,61%
Total Plans
301.671
100%
Source: PREVIC, 2013b.
Figure 5 demonstrates the growing evolution of the pension funds' assets in Brazil.
Nowadays, the size of assets is 3.4 times higher than 10 years ago. In spite of the
evolution of assets in absolute terms, the relative value with Gross Domestic Product
(GDP) was not very different in those over 10 years, in order to Figure 6.
xi
Figure 5 – Total assets (billion – US$), Sep/2013 .
335
316
294
350
300
327
286
256
250
191
176
200
138
150
107
84
100
50
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013*
Source: Adapted from ABRAPP, 2013.
Figure 6 - Assets Pension Funds x GDP (%), Sep/2013.
17.2
15.9
15.8
15.2
14.9
14.1
2003
14.7
14.4
2004
14.7
14.8
14.1
2005
2006
2007
2008
2009
2010
2011
2012
2013*
Source: Adapted from ABRAPP, 2013.
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Proceedings of 3rd European Business Research Conference
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Figure 7 – Return of pension funds, Sep/2013.
450%
399%
333%
360%
294%
248%
270%
191%
180%
90%
0%
407%
186%
197%
131%
30%
57%
87%
70%
47%
43%
23%
32%
17%
2003
2004
2005
96%
78%
60%
2006
119%
2007
INPC + 6
146%
101%
2008
171%
122%
2009
231%
181%
279%
259% 242%
217%
150%
2010
CDI
2011
2012
2013*
EFPCs
Source: Adapted from ABRAPP, 2013.
Figure 7 shows a comparison between the earning of closed institutions with actuarial goal
(INPC xii +6%) and the CDIxiii rate. According to this graph, closed institutions have better
returns than financial market and opened institutions. Thus it's clear that the Brazilian's
pension funds are great managers of financial resources.
The asset allocation of Brazilian pension funds follows CNM nº 3792xiv which determines
the maximum and minimum percentage of allocation by segment and kind of financial
asset. Table 6 shows the maximum and minimum percentage allocation within the
legislation and Figure 8 shows the current position of pension funds' investments.
Limits
Max.
Min.
Table 6 – Asset allocation limits, according to CNM Nº 3792 resolution.
Assets Allocation
Fixed
Structured
Overseas
Real
Loans and
Equities
Income
Investments Investments
Estate
Financing
100%
70%
20%
10%
8%
15%
27%
0%
0%
0%
0%
0%
Source: Done by authors.
Figure 8 – Asset allocation of pension funds’ investments, Sep/2013.
Fixed Income
61.0%
Equities
29.0%
Others
0.2%
Loans &
Overseas
Real Estate
Financing
0.1%
2.7%
4.3%
Source: Adapted from ABRAPP, 2013.
Structured
2.7%
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Proceedings of 3rd European Business Research Conference
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As you can see in Figure 8, the investments of Brazilian's pension funds are conservative,
if we add fixed income (61%), real estate (4.3%) and loans (2.7%) have a total of 68%, ie,
approximately 70% of all resources are in segments with low risk and at the same time,
they are far from their limits of maximum and/or minimum allocation.
Figure 9 – Investment's portfolio.
Own
Portfolio
44%
Outsource
d Portfolio
56%
Source: PREVIC, 2013b.
In order of Figure 9, there is a balance between the amount of assets under own
management portfolio (44%) and outsourced to other companies in the financial sector
(56%) - banks, insurance companies and others.
A very common practice among pension funds is to buy some federal bonds to build an
own portfolio, because they are very low risk and have good returns. The own
management portfolio is more expensive and time-consuming than outsourcing for
pension funds, because of these some institutions seeking to outsource the management
of resources to facilitate their job, as well as reduce their costs . Another important point is
that the institutors under the laws, can only operate their investments by outsourcing,
because of Brazilian supplementary pension system regulation and all then resources are
managed by subcontractors and holds no positions in own portfolio .
Brazilian laws opens to pension funds two ways to account their government bonds: "Held
to maturity" and "For trading". Bonds that are "held to maturity" are bonds that have
increased, monthly, your value with interest. Bonds "trading" are those that have their
value expressed according to market forces and thus their values vary daily. This
difference of accounting is only legally accepted for pension funds. Some academics
believe that the financial sector in the medium to long -term norms between pension funds
and other financial firms, as happens abroad, will be converged and the peculiarity of
account bonds "held to maturity" will be dissolved, being effective only the criteri a of
"trading".
Figure 10 – Portfolio of public bonds.
Held to
Maturity
39%
For Trading
61%
Source: PREVIC, 2013b.
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Proceedings of 3rd European Business Research Conference
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As you can see in Figure 10, 61% of bonds are accounted for "trading", further
strengthening the idea that the accounting of bonds "held to maturity" (39%) should be
extinct in the long run.
5. Conclusions
With the paper we have seen the investments' profile of Brazilian's pension funds. It was
evident that the closed institutions ha ve a great economic power and they hold a very
important part of financial resources compared with the country's GDP.
Today, the pension funds of Brazil have a great number of institutions with private
sponsorship in relation to the public sponsorship, but if we check the size of resources it's
clear that public sponsorship institutions hold a biggest cash amount than the funds
sponsored by private companies. When we look for the institutors, there is a strong
increasing of the number of institutions and in assets amount, but it is still insignificant
when compared with the other institutions.
Looking for benefits plans we can seen there is a homogeneity in the number of plans (DB,
DC and VC), but when you look at the assets of plans, it is clear the supremacy of DB
plans in relation to others. An important point is PREVI, because this is the biggest
institution of closed institutions, and holds a powerful financial amount and has the biggest
benefit plan (DB) too.
The financial assets of the closed institutions are 286 billion dollars xv , and these resources
represent just 14% of the Brazilian GDP. This volume is practically divided between own
portfolio of pension funds and investment funds that they bought in the financial market to
monetize the contributions of the participants. For own portfolio, the present bonds is
mostly marked to market ("trading") instead of "held to maturity", thus demonstrating the
alignment of pension funds with national and international financial system authorities.
The returns of Brazilian's pension funds are higher than the market indices, because
overcomes the actuarial goal and a great advantage from CDI rate. Despite this high
profitability, pension funds still hold a very conservative asset allocation and invest their
resources into low-risk investments. The explanation for this may be the internal debit to
financing the government operations, leading to an increase in the interest rate on
government bonds, then the bonds still remain a safe haven for closed institutions allocate
their funds.
Therefore, the closed institutions of pension in Brazil prove very relevant volume of
financial resources, despite recent crises and the not so favorable domestic economic
time, and demonstrate the welfare and parsimony in the investments' allocation.
End Notes
i
The exchange rate was R$ 1.00 = US$ 0.49 on December 31th, 2012.
Plano Real was an economic plan that changed the money in 1994 and brought stability
for Brazilians' economy.
iii
Regime Geral de Previdência Social.
iv
Regime Próprio de Previdência dos Servidores Públicos.
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v
Regime de Previdência Complementar.
INSS has the responsibility to management all the money of General Social Security
System.
vii
The exchange rate was R$ 1.00 = US$ 0.45 on September 30th, 2013.
viii
The exchange rate was R$ 1.00 = US$ 0.45 on September 30th, 2013.
ix
OAB is an union of lawyers in Brazil.
x
The exchange rate was R$ 1.00 = US$ 0.45 on September 30th, 2013.
xi
The exchange rate was R$ 1.00 = US$ 0.45 on September 30th, 2013.
xii
INPC is one of the Brazilians' inflation indices.
xiii
CDI is the interest rate of private fixed income securities.
xiv
Brazilian's Monetary Council Resolution.
xv
The exchange rate was R$ 1.00 = US$ 0.45 on September 30th, 2013.
vi
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DOMENEGHETTI, V., 2009. Previdência complementar: Gestão financeira de fundos de
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Proceedings of 3rd European Business Research Conference
4 - 5 September 2014, Sheraton Roma, Rome, Italy, ISBN: 978-1-922069-59-7
APPENDIX A
Table Error! Main Document Only. - Top 10 DB plans, according to assets. 09/30/2013. (US$ - million).
Rkg
Institution
Plan
Assets
%
1
PREVI/BB
PB1
74.464
24,68%
PLANO PETROS DO SISTEMA
2
PETROS
27.222
9,02%
PETROBRÁS
3
FUNCEF
REG/REPLAN
20.877
6,92%
4
SISTEL
PBS-A
5.333
1,77%
5
VALIA
PLANO BD
4.999
1,66%
6
REAL GRANDEZA
PLANO BD
4.949
1,64%
7
FAPES
PBB
4.138
1,37%
8
CENTRUS
PBB
3.638
1,21%
9
FUNCESP
PSAP/ELETROPAULO
3.604
1,19%
10
BANESPREV
PLANO V
3.441
1,14%
Total 10+
152.669
50,61%
Total DB Plans
221.386
100%
Source: PREVIC, 2013b.
xv
Table Error! Main Document Only. - Top 10 DC plans, according to assets. 09/30/2013. (US$ - million).
Rkg
Institution
Plan
Assets
%
1
ITAÚ UNIBANCO
PLANO ITAUBANCO CD
3.231
11,40%
PLANO DE BENEFÍCIOS VISÃO
2
VISÃO PREV
1.413
4,99%
TELEFÔNICA
3
GERDAU
PLANO CD GERDAU
1.268
4,47%
4
IBM
IBM - CD
1.259
4,44%
5
ELETROCEE
CEEEPREV
1.059
3,74%
PLANO DE APOSENTADORIA DA
6
SANTANDERPREVI
884
3,12%
SANTANDERPREVI
7
ITAUSAINDL
PAI-CD
772
2,72%
8
PREVINORTE
01-B
709
2,50%
9
UNILEVERPREV
PLANO DE APOSENTADORIA
695
2,45%
10
ODEPREV
PLANO
683
2,41%
Total 10+
11.976
42,25%
Total DC Plans
28.349
100,00%
Source: PREVIC, 2013b.
xv
Table Error! Main Document Only. - Top 10 VC plans, according to assets. 09/30/2013. (US$ - million).
Rkg
Institution
Plan
Assets
%
1
PETROS
PLANO PETROS-2
2.754
5,30%
2
FORLUZ
B
2.620
5,05%
3
FUNCEF
NOVO PLANO
2.464
4,74%
4
VALIA
PLANO VALE MAIS
2.074
4,00%
5
FATL
TELEMARPREV
1.966
3,79%
6
PREVI/BB
PREVI FUTURO
1.922
3,70%
7
FUNCESP
PPCPFL
1.680
3,24%
8
TELOS
PCD
1.447
2,79%
9
PREVI-GM
PLANO
1.375
2,65%
10
CELOS
MISTO
1.053
2,03%
Total 10+
19.360
37,28%
Total VC Plans
51.934
100,00%
Source: PREVIC, 2013b.
xv
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