Pension reform and fully funded complimentary regime

After featuring the main characteristics of the public pension system and how the fully funded private regime has evolved as of late, this paper questions the idea that the latter would be more beneficial to the increase of private savings and, as a result, of investment, aspects that are crucial for the development of Brazil.

The findings suggest that the fully funded private regime, rather than incentivizing investment growth and the stock market, tends to reinforce income concentration, which is by all standards already alarming in Brazil.