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SUPPLEMENTARY PENSION PLANS | 12 Months Ended
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Dec. 31, 2024
Supplementary Pension Plans |
SUPPLEMENTARY PENSION PLANS |
| 41) | SUPPLEMENTARY PENSION PLANS
Bradesco and its subsidiaries sponsor a private defined contribution pension for its employees, including management, that allows financial resources to be accumulated by participants throughout their careers by means of employee and employer contributions and invested in an Exclusive Investment Fund (FIE). The plan is managed by Bradesco Vida e Previdência S.A. and Banco Bradesco S.A. is responsible for the financial management of the FIEs funds. The supplementary pension plan counts on contributions from employees and managers of Bradesco and its subsidiaries equivalent to at least 4% of the salary by employees and, 5% of the salary, plus the percentage allocated to covers of risk benefits (invalidity and death) by the company. Actuarial obligations of the defined contribution plan are fully covered by the plan assets of the corresponding FIE. In addition to the plan, in 2001, participants who chose to migrate from the defined benefit plan are guaranteed a proportional deferred benefit, corresponding to their accumulated rights in that plan. For the active participants, retirees and pensioners of the defined benefit plan, now closed to new members, the present value of the actuarial obligations of the plan is fully covered by guarantee assets. Kirton Bank S.A. Banco Múltiplo and Ágora Corretora de Seguros S.A. sponsor supplementary pension plans in the variable contribution and defined benefit modalities, through the Baneb Social Security Foundation – Bases, for Baneb employees. Banco Bradesco S.A. sponsors a supplementary pension plan in the variable contribution format, through Caixa de Assistência e Aposentadoria dos Funcionários do Banco do Estado do Maranhão (Capof), to employees originating from Banco BEM S.A. Banco Bradesco S.A. sponsors a supplementary pension plan in the defined benefit format through Caixa de Previdência Privada Bec – Cabec for employees of Banco do Estado do Ceará S.A. Banco Bradesco S.A., Kirton Bank S.A. Banco Múltiplo, Bradesco Capitalização S.A., Bradescor Corretora de Seguros Ltda., Bradesco Kirton Corretora de Câmbio S.A. and Bradesco Seguros S.A. sponsor a supplementary pension plan in the defined benefit modality, through Multibra Fundo de Pensão, for employees from Banco Bamerindus do Brasil S.A.. Banco Bradesco S.A. also took on the obligations of Kirton Bank S.A. Banco Múltiplo with regard to Life Insurance, Health Insurance Plans, and Retirement Compensation for employees coming from Banco Bamerindus do Brasil S.A., as well the Health Plan of employees from Lloyds. Bradesco and its subsidiaries, as sponsors of these plans, considering economic and actuarial studies, calculated their actuarial commitments using the real interest rate and acknowledged in their financial statements the obligation due. The assets of Pension Plans are invested in compliance with the applicable legislation (government securities and private securities, listed company shares and real estate properties). Below are the main assumptions used by the independent actuary in the actuarial assessment of our plans:
Schedule of main assumptions |  |
Risk factors | On December 31
2024 | 2023
Nominal discount rate | 3.50% - 10.94% p.a. | 3.50% - 10.09% p.a.
Nominal rate of future salary increases | 3.50% p.a. | 3.50% p.a.
Nominal growth rate of social security benefits and plans | 3.50% p.a. | 3.50% p.a.
Initial rate of growth of medical costs | 7.23% - 7.64% p.a. | 7.54% - 7.64% p.a.
Inflation rate | 3.50% p.a. | 3.50% p.a.
Biometric table of overall mortality | AT 2000 and BR-EMS | AT 2000 and BR-EMS
Biometric table of entering disability | Per plan | Per plan
Expected turnover rate | - | -
Probability of entering retirement | 100% in the 1ª eligibility to a benefit by the plan | 100% in the 1ª eligibility to a benefit by the plan
Considering the above assumptions, the present value of the actuarial obligations of the benefit plans and of its assets to cover these obligations, is represented below:
Schedule of actuarial obligations of the benefit plans |  |  |  |
| R$ thousands
Retirement Benefits | Other post-employment benefits
Year ended on December 31 | Year ended on December 31
2024 | 2023 | 2024 | 2023
(i) Projected benefit obligations: |  |  |  |
At the beginning of the year | 2,794,954 | 2,740,903 | 857,347 | 800,535
Cost of current service | 1,179 | 284 | - | -
Interest cost | 249,162 | 252,694 | 78,223 | 75,344
Participant’s contribution | 465 | 473 | - | -
Actuarial gain/(loss) (1) | (218,019) | 69,201 | (65,504) | 28,890
Transfers | (278) | 16,460 | - | -
Past service cost - plan changes | - | (3,814) | - | -
Early elimination of obligations | (1,284) | (12,647) | - | -
Benefit paid | (269,280) | (268,600) | (50,341) | (47,422)
At the end of the year | 2,556,899 | 2,794,954 | 819,725 | 857,347
(ii) Plan assets at fair value: |  |  |  |
At the beginning of the year | 2,402,006 | 2,467,755 | - | -
Expected earnings | 214,092 | 227,227 | - | -
Actuarial gain/(loss) (1) | (125,943) | (56,554) | - | -
Contributions received: |  |  | - | -
- Employer | 195,343 | 31,526 | - | -
- Employees | 465 | 473 | - | -
Transfers | (134) | 16,460 | - | -
Early elimination of obligations | - | (16,460) | - | -
Benefit paid | (269,281) | (268,421) | - | -
At the end of the year | 2,416,548 | 2,402,006 | - | -
(iii) Changes in the unrecoverable surplus: |  |  |  |
At the beginning of the year | 57,939 | 60,861 | - | -
Interest on the irrecoverable surplus | 5,471 | 5,644 | - | -
Change in irrecoverable surplus (1) | (1,200) | (8,566) | - | -
At the end of the year | 62,210 | 57,939 | - | -
(iv) Financed position: |  |  |  |
Deficit plans (2) | 202,561 | 450,887 | 819,725 | 857,347
Net balance | 202,561 | 450,887 | 819,725 | 857,347
(1) | In the year ended December 31, 2024, the remeasurement effects recognized in Other Comprehensive Income, totaled R$87,297 thousand, (R$80,361 thousand in 2023), net of tax effects; and
(2) | Bradesco and its subsidiaries, as sponsors of said plans, considering an economic and actuarial study, calculated their actuarial commitments and recognize in their financial statements the actuarial obligation due.
The net cost/(benefit) of the Pension Plans recognized in the consolidated statement of income includes the following components:
Schedule of net cost/(benefit) of the pension plans consolidated statement of income |  |
| R$ - thousand
Year ended on December 31
2024 | 2023
Projected benefit obligations: |  |
Cost of service | 977 | 241
Cost of interest on actuarial obligations | 327,252 | 327,894
Expected earnings from the assets of the plan | (214,085) | (227,217)
Interest on irrecoverable surplus | 5,469 | 5,642
Net cost/(benefit) of the pension plans | 119,613 | 106,560
As of December 31, 2024, the maturity profile of the present value of the obligations of the defined benefit plans for the next years:
Schedule of maturity present value of defined benefit plans |  |
| R$ thousands
Retirement Benefits | Other post-employment benefits
Weighted average duration (years) | 8.04 | 9.89
2025 | 269,765 | 60,069
2026 | 274,300 | 62,716
2027 | 278,241 | 66,421
2028 | 281,622 | 70,101
2029 | 284,459 | 74,179
After 2030 | 1,438,390 | 432,287
In 2025, contributions to defined-benefit plans are expected to total R$32,997 thousand. The long-term rate of return on plan assets is based on the following: - Medium to long-term expectations of the asset managers; and - Public and private securities, with short to long-term maturities which represent a significant portion of the investment portfolios of our subsidiaries, the return on which is higher than inflation plus interest. The assets of pension plans are invested in compliance with the applicable legislation (government securities and private securities, listed company shares and real estate properties) and the weighted-average allocation of the pension plan’s assets by category is as follows:
Schedule of assets of pension plans |  |  |  |  |  |
| On December 31
Assets of the Alvorada Plan | Assets of the Bradesco Plan | Assets of the Kirton Plan
2024 | 2023 | 2024 | 2023 | 2024 | 2023
Asset categories |  |  |  |  |  |
Equities | - | - | 4.9% | 6.6% | - | -
Fixed income | 95.2% | 93.2% | 90.5% | 87.5% | 100.0% | 100.0%
Real estate | 3.8% | 4.9% | 2.3% | 2.1% | - | -
Other | 1.0% | 1.9% | 2.3% | 3.8% | - | -
Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0%
Below is the sensitivity analysis of the benefits plan obligations, showing the impact on the actuarial exposure (7.23% – 10.94% p.a.) assuming a change in the discount rate and medical inflation by 1 b.p.:
Schedule of sensitivity analysis of the benefit plan obligations |  |  |  |
Rate | Discount rate/Medical inflation rate | Sensitivity Analysis | Effect on actuarial liabilities | Effect on the present value of the obligations
Discount rate | 11.57% - 11.94% | Increase of 1 p.p. | reduction | (244,821)
Discount rate | 9.57% - 9.94% | Decrease of 1 p.p. | increase | 281,522
Medical Inflation | 8.23% - 8.64% | Increase of 1 p.p. | increase | 69,786
Medical Inflation | 6.23% - 6.64% | Decrease of 1 p.p. | reduction | (60,384)
Bradesco, in its offices abroad, provides pension plans for its employees and managers, in accordance with the standards established by the local authorities, which allows the accrual of financial resources during the professional career of the participant. Total contributions made, in the year ended December 31, 2024, were R$1,007,631 thousand (R$1,219,739 thousand in 2023).

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