PublicDisclosureAuthorizedPublicDisclosureAuthorizedPublicDisclosureAuthorizedPublicDisclosureAuthorizedTheBrazilianPensionSystemUnderanEquityLensAstaZvinieneRaquelTsukadaTechnicalNoteDecember2023©2023InternationalBankforReconstructionandDevelopment/TheWorldBank1818HStreetNW,WashingtonDC20433Telephone:202-473-1000Internet:www.worldbank.orgThisworkisaproductofthestaffofTheWorldBankwithexternalcontribution.Thefindings,interpretations,andconclusionsexpressedinthisworkdonotnecessarilyreflecttheviewsofTheWorldBank,itsBoardofExecutiveDirectors,orthegovernmentstheyrepresent.TheWorldBankdoesnotguaranteetheaccuracy,completenessorcurrencyofthedataincludedinthisworkanddoesnotassumeresponsibilityforanyerrors,omissionsordiscrepanciesintheinformation,orliabilitywithrespecttotheuseoforfailuretousetheinformation,methods,processes,orconclusionssetforth.Theboundaries,colors,denominations,andotherinformationshownonanymapinthisworkdonotimplyanyjudgmentonthepartofTheWorldBankconcerningthelegalstatusofanyterritoryortheendorsementoracceptanceofsuchboundaries.NothinghereinshallconstituteorbeconstruedorconsideredtobealimitationuponorwaiveroftheprivilegesandimmunitiesofTheWorldBank.Allofwhicharespecificallyreserved.RightsandPermissionsThematerialinthisworkissubjecttocopyright.BecauseTheWorldBankencouragesdisseminationofitsknowledge,t...
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