Avaliação dos passivos previdenciários no contexto de queda da taxa de juros: uma análise da taxa de desconto

Abstract

The valuation of pension liabilities has always been a complex task that incorporates several assumptions that are difficult to measure. Are biometric or economic, has many long-term characters and, in many cases, may deviate from expectations. Among these, the interest rate used to discount the obligations is an economic premise that can vary greatly depending on the economic reality of each country. As the valuation of liabilities depends on models and criteria with a degree of subjectivity is required a robust theoretical basis to guide this assessment in order to develop it as realistically as possible. With the aid of a literature search, the job sought, around the context of falling interest rates, bringing the debate on the evaluation of liabilities established internationally and make a parallel with the Brazilian reality, encompassing theories approach to pension liabilities focus in the discount rate. In Brazil, it is not used the expected return on assets, as the oligations discount are not held to market. Although the international literature direct approach to market value, this practice is in many cases difficult to implement. Thus, the local regulator merely changes the roof off, trying to reflect the new economic reality.