Micropensions could supplement Brazilian retirement income

A study by Tivio Capital suggests that micropensions could provide supplemental retirement income for approximately 38.5 million Brazilian workers, particularly those in the informal economy such as delivery drivers and app-based drivers. The study, titled “A terceira margem da previdência: Micropensões, planos instituídos e a aritmética do ticket pequeno,” highlights that monthly contributions of R$ 50 or R$ 200 could significantly impact long-term savings.

According to the projections, 30 years of R$ 50 monthly contributions with a 4% real return could accumulate R$ 34,300, providing a monthly income of roughly R$ 206 over 20 years. Contributions of R$ 200 per month could result in an income close to half of a minimum wage. However, the study emphasizes that low administration fees are critical to the viability of this model.

Data from the Ministry of Social Security’s Complementary Pension Management Report (RGPC) for the first quarter of 2026 shows a disparity in fees: closed supplementary pension entities (EFPC) averaged an annual administration fee of 0.28%, while the open segment averaged 1.2%.