According to Fernando Lovisotto, director of the RiskOffice, this change in the investments will have of being made in short term, therefore the alternative, that would be the reduction of the atuariais goals is very expensive and slower. The deep ones already had made small reductions, since had obtained to accumulate, surplus since 2002 on account of an excellent performance in stock market. But this positive scene for the investments hardly goes to happen again itself in the next years. Since 2006, the goal was reduced, in a weighed average calculation for patrimony, of 6% for 5,8%. For this they had been expenses between R$ 10 and 20 billion, they esteem Lovisotto. At this rate, the system would need something between R$ 40 billion and R$ 80 billion to reach atuarial goal of 5% to the year.
Although these challenges, in this year the performance of the entities has been positive, points Guillermo Benites, manager of the consultoria. In accordance with survey of the RiskOffice, that folloies a sample of 139 plans of benefits, until June the global return was of 8,79%. In the first semester, the Ibovespa marked 37.06% and the CDI accumulated 5,35%.Ainda according to statisticians of the consultoria, in June, the medium one of the global yield of the plans was below of the main atuariais goals and the CDI. The yield was of 0,3% in the last month. But 3% of the plans had gotten real return above of 6% and 7% had only obtained profits superiors 5%, already deducted the inflation measured for the INPC. Little 30% had more than had negative yield in ms.*Marcelo Rabbat are managing of the PR& , The specialized company at risk of Credit, Risk of Mercado and Consultoria de Investimento.