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O fundo previdenciário dos servidores da união: resultados atuariais

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Author Info

  • Felipe Vilhena Antunes Amaral
  • Fabio Giambiagi
  • Marcelo Abi-Ramia Caetano
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    Abstract

    O artigo discute a criação da Fundação de Previdência Complementar do Servidor Público Federal (FUNPRESP), que alterou o sistema previdenciário para os futuros servidores da União. A partir da elaboração de um modelo de simulação estocástico para as variáveis financeiras e atuariais são comparados os valores médios e a distribuição dos benefícios previdenciários oferecidos antes e depois da entrada em vigor da FUNPRESP. Baseado em análises de cenários e de sensibilidade para as variáveis financeiras e biométricas, conclui-se que a taxa de reposição dos benefícios depende de um conjunto de variáveis, entre as quais algumas estão sob o poder discricionário do participante, como o tempo de contribuição, a alíquota contributiva e a composição da carteira dos ativos; e outras, fora do seu poder de decisão, como a taxa de retorno do patrimônio. Em relação à situação anterior à FUNPRESP, a nova previdência pode oferecer retorno tanto superior quanto inferior, mas o risco recairá sobre o servidor. The Brazilian federal government civil servants pension fund: actuarial results :: The purpose of this paper is to make an evaluation on pension’s replacement rate of the recently approved complimentary pension fund for civil servants of the Brazilian federal government. Using a methodology based on a stochastic actuarial model, mean and distribution of pension benefits offered before and after this new pension system were compared. Scenario and sensitivity analyses were made regarding financial and biometric variables. The conclusion is that the replacement rate depends on a set of variables, some of which are under the discretion of the participant, such as length of contribution, contribution rate and asset composition, while other variables are not under his discretion, such as the return rate on the assets composition while other variables are not under his discretion as the return rate on the assets. Comparing to the previous rules, replacement rates can be either higher or lower, but the civil servant will bear all the risk.

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    File URL: http://ppe.ipea.gov.br/index.php/ppe/article/view/1448/1128
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    Bibliographic Info

    Article provided by Instituto de Pesquisa Econômica Aplicada in its journal Pesquisa e Planejamento Econômico.

    Volume (Year): 43 (2013)
    Issue (Month): 1 (abr.)
    Pages: 119-160

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    Handle: RePEc:ppe:ppeart:y:2013:v:43:i:1:p:119-160

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    Keywords: previdência complementar; taxa de reposição de benefícios previdenciários; aposentadoria; simulação estocástica; otimização; pension funds; pension’s replacement rate; retirement; stochastic simulation; optimization;

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