Approved in late 2019, Brazil’s pension reform tightened up retirement rules in the country and have now forced the new generation of workers to wait longer and longer until they can retire. A minimum retirement age was introduced—65 for men and 62 for women—as well as a cut-off for length of service. Regardless of age, Brazilians will have to work for a minimum of 20 (men) or 15 (women) years until they can receive a state pension. As a result, the private pensions market is beginning to surge.
The model of private pensions involves the interested party choosing a retirement plan and contributing to a fund.