The National Treasury is preparing the launch of a public bond aimed at investors who wish to save resources for their individual retirement. The interested citizen will be able to acquire a government role and accumulate, over the years, resources to receive them in the future as a monthly pension.
In this modality, there would be no redemption of income —that is, the interest paid by the Union to its investors— throughout the accumulation period. Only after this interval would the investor start receiving monthly payments.
According to the National Treasury, one of the alternatives is to offer a security whose remuneration is linked to the variation in inflation.
The so-called accumulation period, the time in which savers would add resources to their reserve through the purchase of bonds, could last between 30 and 40 years. The receipt of income could extend for another 20 to 30 years.
The information was anticipated by the newspaper O Estado de S. Paulo and confirmed in an official note by the Treasury.
Despite this, the agency says it has no further details. There is no date forecast for the beginning of the sale of these shares.
The Treasury also did not respond to questions about how the earnings of investors who want to get rid of the paper before the expected accumulation period would be.
“Given that the studies are still in the preliminary phase, at the moment we don’t have details to disclose”, informed the organ.
The area responsible for the studies is the Undersecretary of Public Debt of the National Treasury. According to the organization, international experiences and publications on the subject have supported the debates.
One of the discussion texts that serve as a reference was published this month by FGV (Fundação Getulio Vargas), authored by specialists in Social Security Fabio Giambiagi, Mauricio Dias Leister, Arlete Nese and André Dovalski.
The text brings some simulations to show how much a Brazilian would have to save per month to obtain the desired income in the future. To have a monthly income of R$5,000 for 20 years, an investor would have to contribute R$1,322 monthly for 40 years. The scenario assumes a real interest (above inflation) of 3% per year.
The shorter the accumulation period, the greater the need for individual contribution. In the previous example, if the contribution period was 30 years, the monthly disbursement would have to be R$1,979.
According to this study, there are currently around 17 million active private pension contracts in the Brazilian market, offered by pension funds or open supplementary pension entities.
For the authors, the number is low, given the size of the Brazilian population and its aging.
“When this degree of coverage is contrasted with demographic and labor market trends and the low level of financial/social security education, the need for national states to offer the population complementary and easy-to-understand forms for better planning of the income in retirement,” says the study.
In the assessment of experts, the creation of a public bond with this profile allows citizens not only to plan their retirement with greater precision, but also to reduce costs in investing their money.
At the same time, the investor is protected from the erosion of purchasing power caused by inflation.
New option would be offered on the Treasury Direct platform
The new bond would be offered to Brazilians along with a menu of government bonds that are already available on the Tesouro Direto platform, which facilitated investments in government bonds and turns 20 in January 2022.
Currently, the longest share offered by Tesouro Direto has a 35-year term. Part of their remuneration is linked to inflation, and interest is paid every six months to the investor.
On the other hand, this type of security is redeemed on the maturity date, in a single payment.
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