Crisis hits private pensions
This article was translated by an automatic translation system, and was therefore not reviewed by people.
Marcos Burghi
Economic turmoil has increased the volume of cash withdrawal plans
The economic crisis also slammed the door of private pension plans. Between the period of greatest turmoil which began in September last year and June this year, investors have increased the pace of redemptions in respect of withdrawals that took place between September 2007 and June 2008.
According to the Superintendency of Private Insurance (Susep), the amount of partial withdrawals in plan types Generator Free Benefit (PGBL) grew from R$ 904.7 million to R$ 1.1 billion, an increase of 21.5%. In the case of withdrawals in PGBL total value jumped from R$ 1.3 billion to R$ 1.5 billion or 15.4%.
Although the data Susep, the alternative modality Life Free Benefit Generator (VGBL) also reported an increase in overall redemptions for the period. The partial withdrawals amounted to R$ 4.3 billion, up 22.8% over the period between September 2007 and June 2008, when the partial redemption came close to R$ 3.5 billion. The total redemption in VGBL also rose in the period, from R$ 4.9 billion to R$ 6.3 billion or 28.6% (see table).
Renato Russo, vice president of the National Pension Fund (Fenaprevi), said the last months of 2008 and early 2009 were a lot of insecurity for the whole economy. He believes that layoffs and uncertainty about the future have led consumers to draw down their reserves in part or in full, yet the withdrawals were lower than the deposits. "We were concerned, but the fear did not become a reality," he says.
The Russo claim can be verified from the figures Susep. Between September 2008 and June 2009, contributions in PGBL reached R$ 4.3 billion compared to R$ 4.1 billion in the previous period, an increase of 4.9%. Already in mode VGBL, uptake increased from R$ 19.5 billion to R$ 21.2 billion, or 8.7% more. According to the vice president of Fenaprevi in the second quarter of this year was clear that the market began to improve.
The administrator Carlos Barreto, 55, began his private pension plan for four, for redemption at 65. "I did it because I know it is impossible to survive with the foresight of the government," he says.
Barreto said that since he began contributing drawings never did. He adds that sometimes make withdrawals from other investments to make greater contributions to pension plans.
The manager says he's convinced the daughters to have their own plans. "One has already started and the other will soon," he says.
Source: Jornal da Tarde
This article was translated by an automatic translation system, and was therefore not reviewed by people.
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