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Covers embedded in pension funds can reduce retirement


This article was translated by an automatic translation system, and was therefore not reviewed by people.



RIO - Hiring a private pension plan makes more and more people sleep peacefully in Brazil. According to figures released this week by the Brazilian Association of Financial and Capital Markets (Anbima), pension funds in 2012 recorded the largest net inflows (deposits less withdrawals) of the entire fund industry: $ 35 billion, up 38% compared to 2011. However, additional coverages included in contracts by banks - often without having been negotiated with the client before, since they are a kind of standard contract - ultimately reducing the portion of tuition that is directed to the fund which will bear the payment of benefits when it's time retirement.
Many banks and insurers offer this additional coverage already combined the pension plan. These are benefits that fit into four broad categories: income due to disability, death pension, or annuity income to minors (a kind of life insurance that guarantees the payment of compensation in case of death or disability of the participant).
Unlike the reserve for retirement, the money applied back to the investor, in the case of accessories, works as a contribution in the insurance market: the customer only receives the predicted event in hiring materialize (death or disability) and when stops paying, you lose the right to that compensation. So it is important to have clarity in hiring. The additional coverage is calculated on the basis of what you want to get up front or leave for family members.
In Caixa Seguros, for example, you can start investing for retirement with R$ 35 monthly (R$ 25 for the reservation of the pension itself and R$ 10 to the annuity). Only customers who have accumulated reserves over R$ 50,000 may waive the hiring of extra, other requests are considered on a case by case basis, said Tarcisio Abreu, executive manager of pension products of the institution.

Already at HSBC, according to a spokesperson for the bank, are not offered additional coverage for pension plans, only for life insurance. Itaú Unibanco, the monthly contributions to the pension plan are contracted from R$ 50 and additional coverage, an extra option. The same value and contribution principle is applied in Bradesco Life and Pension.

Institutions must clearly explain conditions
Professor of Finance Ibmec-RJ, Marcos Heringer, criticizes the market practice of combining two products, creating a third, which can mask the practice of tying prohibited by law. But it is not illegal. According norm Susep, pension plans may include coverage for survival and risk. In that case, will be called "conjugate planes." But the coverage must be clearly exposed, Heringer says.

- How the contract will involve the additional coverage, it creates a third product. It is difficult to separate one thing from another. This generates less income in retirement, but give other guarantees. The perception of the added value of the insurance is something very individual - highlights.
To Heringer, insurance is a benchmark of tranquility, and each must decide whether the amount charged by it is worthwhile or not. His tips for consumers to hire a pension plan are: read the contract carefully to identify what type of coverage is being hired to analyze "critically" says, what really is a benefit to each, and consider the being hired and what already has.

For financial educator Marcello Rabello Cunha, worth doing a simulation of the amounts to be received with and without hiring these accessory products to assess the impact on the budget. Many insurers offer simulators on their websites.

- In most cases, it is better to hire an insurance market. This is because the life insurance market is greater than the pension, then negotiates better terms for its participants.

Covers have been compulsory
Before 1998, when they were created PGBL and VGBL, these roofs were embedded in so-called defined benefit plans, explains Osvaldo Nascimento, vice president of the National Federation of Pension and Life (FenaPrevi) and executive director of the Investment and Pension Itaú Unibanco. Since then, began to be offered as options.

- This comes from a culture of paternalistic state in which it stated that the citizen could not decide what is best for him.

Second Nascimento, additional coverage began to have more relevance in the country with the highest income distribution observed in recent years. The so-called rise of class C made before individuals who could not spare and accumulate savings to invest in security.

- This cover makes more sense for the lower income strata, which are those that are helpless when a claim occurs. The insurance applies to protect an asset that does not yet exist. As you have not graduated, is good prevented me about my family and children will live if I am not present.

Also the stability of the economy in Brazil contributes to the growth of the bets investors in the long term, once the pension plan and its accessories, believes Adriano Martins, executive director of Bradesco Life and Pension.

- People have to do a close reading of a plan to hire, after all, is an investment of 30, 40 years. And if in doubt, look for a broker to receive a thorough explanation.

In CEF, Tarcisio Abreu, executive manager of pension products of the institution, said that an overhaul of pension products made in 2012, an action was highlighted in bold in contracts, alongside the signature, the type of derivative instruments.

- We had a drastic actions, claims and demands of ombudsman - says.
If consumers feel aggrieved, should forward the complaint Superintência Insurance (Susep) indicates the body.

Source: The Globe Online

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