The National Monetary Council (CMN) approved this Thursday (18) a resolution that tightens the rules for investments in pension funds for public servants of the Union, states and municipalities. The changes affect the Social Security Regimes (RPPS), which manage around R$365 billion, and come into force on February 2, 2026, with an adaptation period for investment policies.
The new regulations were drawn up after discussions in a working group coordinated by the Ministry of Social Security, with the participation of entities representing the sector. Although the measure was adopted after questions about the investments of some RPPS in securities from Banco Master, an institution later liquidated by the Central Bank, the Ministry of Finance stated that the resolution’s main objective is to adapt the regulation to the new investment fund framework of the Securities and Exchange Commission (CVM).
According to the Treasury, the rule seeks to reinforce governance, controls and security in the application of social security resources, directly benefiting around 5.1 million active employees and 4.2 million retirees and pensioners linked to its own schemes.
Among the main changes is the linking of investment allocation limits to the Pró-Gestão RPPS certification levels, which assess the quality of management in areas such as internal controls, corporate governance and pension education. In practice, access to higher risk and complex assets will be conditioned on the degree of institutional maturity of each regime.
“This measure works as an incentive to strengthen the RPPS management structure and the search for higher levels of certification”, stated in a statement the general coordinator of Microeconomic Reforms and Capital Markets at the Ministry of Finance, Fernando Rieche.
Duties
The resolution also reinforces institutional governance by more clearly defining the responsibilities of bodies such as the investment committee and the fiscal council. The appointment of a qualified technical person is now required, in addition to mandatory accreditation for administrators, managers and fund distributors.
Other points of the standard include the strengthening of risk management, the expansion of transparency on remuneration and transaction records, the imposition of allocation limits per issuer and concentration in the funds’ net equity, in addition to the express prohibition on certain types of investments.
In line with the federal government’s Ecological Transformation Plan, the new regulation also determines that the management of RPPS consider environmental and social sustainability criteria in investment portfolios, with assessment and disclosure of impacts on society.
For the Ministry of Finance, the changes represent a relevant advance. “These measures encourage the improvement of RPPS governance, promoting greater protection for beneficiaries and contributing to the sustainability of pension regimes”, stated the ministry, in a note.
