Treasury RendA+ is an option for retirement. It is worth it?

For encourage Brazilians to save money for old agethe National Treasury Secretariat, in partnership with the Social Security Secretariat (SPREV) and B3, launch, this Monday (30th), a new Treasury Direct bondThe Treasury Income+. As in a private pension, the objective is to save little by little so that the worker has an extra income when he stops working. According to a survey by the National Treasury, 46% of retirees claim that the retirement amount is not enough to pay bills and personal expenses.

The investment offers remuneration similar to that of IPCA+ securities, that is, a contracted percentage, plus inflation adjustment. Any interested individual can contribute from R$ 30, for up to 40 years, with contributions made by Pix, through the PagTesouro platform.

By rule, the rent will be paid over 20 years, in 240 monthly installments that amortize the entire amount invested in the accumulation period. Investors need to choose when they want to start receiving remuneration: 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065.

The longer the less tax

The grace period to withdraw the money is 60 days and there is no custody fee if the bond is held until maturity. However, if the worker chooses to withdraw in a period of less than ten years, a rate of 0.50% per year will be levied on the redemption amount.

If the redemption is made between ten and 20 years, the rate is 0.20% pa and, over 20 years, 0.10% pa The collection of income tax and IOF also follows a regressive table, with rates between 22 .5% and 15%.

For Camilla Dolle, head of Fixed Income at XP, the Treasury RendA+ can be a gateway for those who still do not save resources for retirement:

— Treasury Direct is a platform that came to democratize investor access to the market. With a low minimum investment, I think of Renda+ as a complement to retirement rather than a replacement.

Educational character

Beto Saadia, economist and partner at BRA-BS, says that the title, inspired by foreign studies, takes into account behavioral and psychological issues, having an educational character:

— I think it has a better assimilation. If the person already knows how much he will earn in retirement, he will force himself to contribute more. There are many funds that already do this, but they are complex products and risky on the stock exchange – evaluates Saadia.

He continues:

— In my view, the goal is to be something popular, for those who find it difficult to calculate how much they will have in ten years, for example, from monthly payments.

Physical education professional Ricardo Dantas, 39, who works as a crossfit coach and is a partner at bodybuilding consultancy Impulse Trainings, decided three years ago to start investing in a private pension fund at the encouragement of his bank manager.

more transparency

When he needed to change agencies, he ended up being convinced to make two more similar investments, which monthly deduct R$ 300 from his account. He says, however, that he does not know the composition of the investment portfolio, nor the profitability offered. Therefore, he believes that the Renda + Treasury could be a more transparent solution.

“I don’t know what’s in my retirement plan. People don’t want to teach you, they want to sell you. And in this investment part, I am very confused, afraid of investing wrongly and losing money – he says.

Although Renda+ is a solution to save for retirement, Vinicius Cruz, president of the Investment Commission of the National Federation of Private Pension and Life (FenaPrevi), does not see the product as a competitor to private pension funds:

— Social security has other formats, it’s not just IPCA that the customer is buying, it allows the investor to carry out portability between products, institutions. There is still the possibility of indicating the heir in case of death, without having to go through an inventory.

He explains that there is a large diversity of pension funds, each with a different composition. Therefore, they offer yields that are different and, sometimes, higher than those of the Direct Treasury. In the case of the Free Benefit Generating Plans (PGBL), one of the benefits is the possibility of deducting the contributions made in the plan from the Income Tax calculation base up to the limit of 12% of the annual gross income.

Lower private pension tax

In addition, when taxation is regressive, the tax to be paid at the time of redemption reaches 10%, while in Renda+, the lowest rate is 15%.

— Social security has resisted despite the pandemic. It is a market with more than R$ 1 trillion in reserves – recalls Cruz. — The advantage is that the client can change his mind in the period, switch from a fixed income investment plan to a multimarket and still have professional assistance to manage these resources.

Data from FenaPrevi show that gross funding rose 12.2% between 2021 and 2022, with R$ 140.7 billion raised between January and November last year.

Yield of 7% in 2022

Another survey by the Brazilian Association of Closed Complementary Pension Entities (Abrapp) reveals that the assets of Closed Complementary Pension Entities (pension funds) totaled R$ 1.12 trillion in September last year, representing 12.7% of GDP . In the first nine months of 2022, the portfolio of closed pension funds yielded 7.43%.

Jarbas Antonio de Biagi, legal director at Abrapp, does not believe that the Renda+ Treasury can affect the private pension market, since, according to him, private pension plans are intended for heterogeneous participants:

— The Family plans, which allow the inclusion of relatives up to the 3rd degree, grow year by year. There are also the Setoriais, made up of unions and associations, and the PrevSonho plans, which make it possible to use 70% of reserves for a long-term dream, while the remaining 30% remain in social security to ensure retirement in the future.

The new product is, according to Henrique Diniz, Director of Pension Products at Icatu, an opportunity for the population to deepen their financial education and knowledge about retirement. For him, it may even increase the interest in private pensions.

— The more options you offer the customer, you end up bringing more demand than competition. What we see is opportunity. Much is known about private pensions, VGBL, PGLB, but the conversion into income still has little penetration – he observes.

Treasury IPCA+ versus Income+

An investment that used to be recommended to gather resources for retirement by investment analysts was the Treasury Direct IPCA+, with fixed rates from 6%, added to inflation, which means that the worker does not lose purchasing power.

In Beto Saadia’s view, each of these titles has advantages and disadvantages. In the case of Renda+, the withdrawal is compulsory from the chosen date in a fixed amount. Therefore, he says that if the investor needs more or less money, he will not have flexibility.

In contrast, the IPCA+ has a single maturity date, when the entire amount is written off from the investment. If the investor does not need the money at the time, he will have to look for another application with advantageous rates.

— The instruments are nice, but none of them replace the ability to save. The best investment is a person’s savings capacity. Those who save money today will be richer in the future than those who do not save anything – comments the economist.