According to article 60 of Law 4826/2021, the provision of a state guarantee is provided for the supplementary pension of the capitalization system. In particular, it is foreseen that the State guarantees the payment of a minimum compensatory monthly supplementary pension, which will be calculated on the basis of the amount of the actual value of the contributions paid. Consequently, the insured will be awarded a supplementary pension at least equal to the one corresponding to the contributions they paid, ie the State guarantees non-negative returns.

As a result, the Fund's policyholders have more effective protection against investment risk, as only returns will be subject to market fluctuations and not the paid-in capital. The established state guarantee is only activated if, at the time of occurrence of the covered social insurance risks, the balance of the individual account falls short of the actual value of the total contributions paid, otherwise, the benefit articles apply.

The bill applies a capitalization system to supplementary insurance, however this only applies to new insured persons and does not change the status for current insured persons.

Therefore, the proposal is assessed as implemented.