2026-09-20T12:28:53Zhttps://dspace.mit.edu/server/oai/requestoai:dspace.mit.edu:1721.1/729112022-01-13T07:54:52Zcom_1721.1_7582com_1721.1_7581col_1721.1_131023
Robert Merton.
Bottino, Felipe
Sloan School of Management.
Sloan School of Management
s-bl---
2012-09-13T19:01:32Z
2012-09-13T19:01:32Z
2012
2012
http://hdl.handle.net/1721.1/72911
809068114
Thesis (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management, 2012.
Cataloged from PDF version of thesis.
Includes bibliographical references (p. 88-91).
The demographic changes and the growth in expenses of the social security make the current pension system in Brazil unsustainable, creating opportunities for the complementary fund industry. This work discusses the current and future state of the Brazilian Pension Fund System and points out the opportunities for the private pension fund industry. Additionally, this paper proposes an innovative model for the new generation of retirement products based on the Goal-Based Approach, adapted to the Brazilian market. This paper is the result of intense research based on the most significant bibliography in this area, as well as interviews with pension funds experts from the private, academic and public sectors. The thesis demonstrates that the creation of the complementary fund for federal employers was a significant initiative, but it is far from solving the pension system deficit problem. Additionally, the paper criticizes the high market share concentration among only six players, which creates an "oligopoly" extremely harmful for investors, who are offered old-fashioned products at exorbitant fees. It also presents an adaptation of the Goal-Based Approach that is expected to become the new standard for the next generation retirement products. Finally, apart from the political changes that should be pursued to guarantee the stability and future of the national budget, competition must increase. Innovative products and distribution channels proposed in this thesis will better serve customers, who will be offered tailor-made and integrated solutions at reasonable costs.
by Felipe Bottino.
M.B.A.
91 p.
eng
Massachusetts Institute of Technology
M.I.T. theses are protected by
copyright. They may be viewed from this source for any purpose, but
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http://dspace.mit.edu/handle/1721.1/7582
Sloan School of Management.
The Brazilian Pension System from an innovative perspective
Brazilian Pension Fund System from an innovative perspective
Thesis
application/pdf
Publication
unknown
unknown
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<Abstract>The demographic changes and the growth in expenses of the social security make the current pension system in Brazil unsustainable, creating opportunities for the complementary fund industry. This work discusses the current and future state of the Brazilian Pension Fund System and points out the opportunities for the private pension fund industry. Additionally, this paper proposes an innovative model for the new generation of retirement products based on the Goal-Based Approach, adapted to the Brazilian market. This paper is the result of intense research based on the most significant bibliography in this area, as well as interviews with pension funds experts from the private, academic and public sectors. The thesis demonstrates that the creation of the complementary fund for federal employers was a significant initiative, but it is far from solving the pension system deficit problem. Additionally, the paper criticizes the high market share concentration among only six players, which creates an "oligopoly" extremely harmful for investors, who are offered old-fashioned products at exorbitant fees. It also presents an adaptation of the Goal-Based Approach that is expected to become the new standard for the next generation retirement products. Finally, apart from the political changes that should be pursued to guarantee the stability and future of the national budget, competition must increase. Innovative products and distribution channels proposed in this thesis will better serve customers, who will be offered tailor-made and integrated solutions at reasonable costs.</Abstract>
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