Private Pension vs. DI Fund (Shares/Units) Comparator

Discover the hidden cost of shares/units. Compare the long-term net return rate of Private Pension Plans (without semi-annual tax and with a regressive tax rate of up to 10%) versus traditional DI Funds (subject to shares/units deductions and rates).

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Long-term Retirement (15 years) Medium-term Planning (5 years) Short-term Projection (3 years)
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$ 0.00
Net Final Pension
$ 0.00
Net Final Fund
$ 0.00
Pension Advantage
$ 0.00
Tax Paid on Pension
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Tax Paid on Fund
0.0%
Final Withholding Tax on Pension

Evolution of Accumulated Wealth

Comparative of Total Deducted Tax

Annual Financial Accumulation Comparison

Period Accumulated Deposits Pension (Net) Fund (Net) Real Difference (USD)

What is Come-Units/Shares and how does Private Pension avoid it?

When investing in traditional fixed income funds, DI, Multimercados, or Cambiais in Brazil, you are subject to a tax mechanism called Come-Units/Shares. This system reduces the return rate of your compound interest in the long term.

How does Come-Units/Shares work?

Different from most investments where Income Tax (IR) is paid only at the time of withdrawal (such as in CDB or Treasury Direct), common funds are subject to IR every six months (on the last business day of May and November). The tax is collected in the form of "forced redemption of shares/units" from your account. The withholding tax rate is 15% (for long-term funds).

The financial damage occurs because the money withdrawn to pay the Come-Units/Shares stops earning interest for you in the following months. In the long term (10 to 30 years), the Come-Units/Shares removes a large portion of the final wealth that could have been generated by accumulated capitalization.

The Exemption from Come-Units/Shares in Private Pension

Private Pension Plans (PGBL or VGBL) regulated by SUSEP have a crucial legal advantage: they are not subject to Come-Units/Shares. The money earns 100% free of intermediate taxation during the entire capital accumulation phase.

Additionally, by choosing the Regressive Taxation Regime of Private Pension, the final withholding tax rate decreases by 5% every two years of permanence of each contribution, reaching only 10% after 10 years of investment (while the minimum limit of the traditional regressive table of common investment funds is 15% after 2 years).

Frequently Asked Questions

No. Stock funds (FIA) and incentivized debenture funds are exempt from Come-Units/Shares. Stock funds are taxed at a single rate of 15% only at the time of withdrawal, regardless of the term. Come-Units/Shares essentially applies to fixed income funds, DI funds, currency funds, and multimarket funds.

It is the investor's right to transfer their resources from one pension fund to another without the need to withdraw the capital and pay Income Tax. This allows migrating to more profitable funds or those with lower administration rates, keeping intact the accumulated term for the count of the regressive taxation regime.

Historically, many traditional private pension plans from large retail banks charged loading rates (for down payment or exit) and had high administration rates (above 2% p.a.) that nullified the tax advantage. Currently, with the competition from digital platforms, there are modern plans with low administration rates and no loading rate. Another point is the low liquidity, since withdrawing regressive plans in less than 2 years subjects the investor to a punitive Income Tax rate of 35%.