In December 2025, the National Supplementary Pension Council (CNPC) published the CNPC/MPS Resolution No. 64/25, which amends the CNPC Resolution No. 40/21 and introduces significant changes to the closed supplementary pension sector. These changes, effective January 1, are designed to enhance the regulation of the price indexes utilized for updating supplementary benefits.

Update by price index in BD plans


The new text reaffirms that pension plans with defined benefit (BD) characteristics must be adjusted by price index, whenever this form of update is provided for in the plan's regulation. Compliance with three technical requirements is now required cumulatively:

  • national coverage and wide dissemination of the update index;
  • adequate correlation between the index and the variation in prices of products and services consumed by the population; and
  • compatibility of the update index with the economic-financial balance between assets and liabilities of the benefit plan.

In accordance with this directive, the National Superintendence of Pensions Funds (Previc) will promulgate a particular regulation, as outlined in its Regulatory Agenda for 2026-2027, comprising a register of indices that fulfill the requisite technical criteria. Consequently, closed supplementary pension entities (EFPC) and actuaries responsible for selecting indexation parameters will have a reference point for making decisions.

This issue is particularly salient in light of recent judicial developments that have endorsed the use of the reference rate (taxa referencial) as an index for updating social security benefits.

The rule also provides two flexibilities:

  • the exceptional maintenance of an index not included in the Previc’s list may be permitted, provided that the EFPC demonstrates, on a technical basis, that this index is more consistent with the economic and financial balance between the assets and liabilities of the benefit plan.
  • the adoption of adjustment indexes composed of two or more price indicators may be authorized, provided that the result meets the technical requirements and that the composition and respective proportions are expressly stated in the Plan's regulations.

Nominal protection against deflation and preservation of intertemporal equilibrium


CNPC/MPS Resolution No. 64 also introduces a rule regarding the effects of deflation on the annual adjustment of benefits. On the adjustment date, if the index adopted shows a negative cumulative variation in the calculation period, the value of the benefit cannot be reduced. This prohibition is accompanied by an intertemporal clearing, compensation mechanism: the negative variation not applied must be compensated in a subsequent period.

In essence, the rule safeguards the participant's income in the near term while allowing for economic-actuarial adjustment over time. Consequently, the regulation now incorporates judicial precedents verified at times when price indexes, such as the IGP-DI and IGP-M, had negative returns.

Impact on the sector


In light of the implementation of the new regulation, EFPCs are advised to review the regulations of BD plans that utilize price index updates, along with the benefits policy and actuarial adherence. This review should take into account the list of indexes to be published by Previc.

Machado Meyer's Banking, Insurance and Finance practice is available to provide more information about CNPC/MPS Resolution No. 64.