Banco de Portugal explains Centeno’s reform. Fund has R$1.6 billion in assets

There are two closed central bank pension funds. Early retirement means Mário Centeno receives more than in “normal” retirement.

Mario Centeno or to leave o Bank of Portugal as a consultant and will retire, receiving full board.

The news released last week said that the current consultant and former governor had already signed a reform agreement, by decision of the Bank of Portugal itself.

The value of the retirement, at age 59, outraged the: “An early retirement with scandalous benefits from a financial point of view and from the point of view of the monthly remuneration paid, next of your salary 17 to 20 thousand euros every month”, said André Ventura – the party wants to hear the current governor, Álvaro Santos Pereira, in Parliament.

An official bank source explained, however, that Centeno will benefit from the retirement scheme under the pension fund existing at the central bank, to workers hired until March 2009 – was hired in 2000.

There are two closed Banco de Portugal pension funds: one for workers who joined until March 2009 and another created in 2010.

In the first case, this fund “guarantees the payment of retirement pensions, survival pensions and death grants to workers admitted to Banco de Portugal until March 2, 2009 and the payment of Banco de Portugal’s charges for post-employment contributions to the Medical-Social Assistance Service (SAMS) relating to all workers”, reads the information available on the bank’s Pension Fund Management Company page.

The fund “is made up of autonomous assets and exclusively allocated to fulfilling the responsibilities assumed by Banco de Portugal relating to the Pension Plan and the Health Plan”, and has approximately 1,700 participants and 2,600 beneficiaries.

According to , this same fund manages more than 1.6 billion euros in assetsmainly in public debt (77%); but there are also investments in real estate and shares.

These are assets that covered 105% of their responsibilities to beneficiaries.

The fund in question was created in 1988 and manages two plans: the pension plan and the health plan.

Early and larger retirement

The adds this Tuesday that this agreement for Early retirement makes your retirement higher than “normal”accounting for years of service and age.

The Bank of Portugal will end with the cargo of consultant of the Board of Directors (where Centeno had been for just six months) and Mário Centeno was the first to leave.

However, the Ministry of Finance explained that “was not consulted on the matter in question, nor would it have to be, given the management autonomy of Banco de Portugal”, reads a note sent to .