As reported by the Ministry of Social Security (MPS) on Wednesday (11/19), the Private Pension Systems (RPPS) of 18 state and municipal entities invested R$1.867 billion in financial letters issued by Banco Master, assets that are now at risk, as the institution is subject to extrajudicial liquidation, without a guarantee from the Credit Guarantee Fund (FGC).
Among the systems most at risk is Rioprevidência (RJ), in which R$970 million has been invested, almost half of the total amount. Other notable cases include the case of Amprev (Amapá), for R$400 million, and Iprev in Maceió (AL), for approximately R$97 million.
Cities such as São Roque (SP), which invested R$93.15 million, and Cajamar (SP), which invested R$87 million, also appear on the list.
Financial letters issued by the Master are not covered by the FGC, meaning there is no automatic protection if the bank is unable to compensate creditors. With the liquidation decision issued by the Central Bank (BC), the risk of losses in these RPPS is high, and the recovery of values directly depends on the outcome of the liquidation process.
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Investigation into PF
Experts raise questions about the governance of these pension systems. For entities responsible for employee retirement, security and liquidity should be priorities, especially when it comes to large investments.
There are already ongoing investigations into the case. The Federal Police must investigate the operation in which the bank and the RPPS were involved, while some pension boards say that the applications were approved within legal limits and with risk views.
Furthermore, the Ministry of Social Security has included these contributions in the CadPrev system (Public Transparency System), which allows public consultation on the applied values.
Risks
If master liquidation does not recover these resources efficiently, regulations can have a direct impact. The loss of these assets could weaken the financial structure of state and municipal pensions, especially in entities that already face financial and demographic challenges.
On the other hand, some RPPS claim to have acted in accordance with existing regulations, with the approval of their deliberative and financial boards.
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