PGBL vs VGBL Calculator
Os dois planos de previdência privada do Brasil são tributados de formas opostas. Veja qual deixa mais na sua mão após impostos.
1Seus números
R$
R$
R$
opcional
yr
% / yr
2Declaração e regime tributário
Declaração do Imposto de Renda
A dedução do PGBL só existe na completa.
Regime tributário do plano
A alíquota cai para 10% após 10 anos investidos.
3A restituição do PGBL
A cada ano, o imposto economizado é
A restituição rende juros compostos. É o que faz o PGBL valer a pena.
Após 15 anos, depois de impostos
PGBL +R$ 47.587
PGBL leaves you R$ 47.587 better off, because the reinvested deduction outweighs being taxed on the whole balance.
PGBLTermina à frente
R$ 353.402
Resgate líquidoR$ 269.816+ Restituição reinvestida+R$ 83.587IR no resgate−R$ 56.010Tributado sobre todo o saldo
VGBL
R$ 305.816
Resgate líquidoR$ 305.816+ RestituiçãoR$ 0IR no resgate−R$ 20.010Tributado apenas sobre os rendimentos
Patrimonio liquido por ano
PGBLVGBL
R$ 368mil
R$ 276mil
R$ 184mil
R$ 92mil
R$ 0
Cruzamento · ano 5
agora3y6y9y12y15y
For these inputs, PGBL overtakes VGBL from year 5. Before that, VGBL's gains-only tax keeps it ahead; after it, PGBL's reinvested deduction wins out.
Ambos os planos crescem ao mesmo montante brutoR$ 325.825
Dedução do PGBL capturada (até 12% da renda)R$ 12.000 / yr
Restituição anual à sua alíquota marginal de 27.5%R$ 3.300
Alíquota efetiva no resgate · PGBL vs VGBL17.2% vs 6.1%
Embed on your site Last updated: June 2026
How to use this calculator
PGBL or VGBL, find the answer in four steps.
1
Set your numbers
In card 1, enter your gross annual taxable income, what you will contribute each month, any starting balance, the years until you withdraw, and an expected return.
2
Choose declaration and regime
In card 2, pick how you file your income tax (complete or simplified) and the plan's tax regime (regressive or progressive). These two choices decide almost everything.
3
Decide on the refund
A PGBL on the complete declaration generates a tax refund each year. Choose whether you reinvest it or spend it: this is what makes or breaks the PGBL case.
4
Compare the outcome
See which plan leaves you with more after-tax wealth at withdrawal, how much tax each pays, and why, given your declaration, regime and refund choice.
Key concepts
How Brazilian private pensions really work.
PGBL: deduct now, taxed on everything later
On the complete declaration you can deduct PGBL contributions from your taxable income, up to 12% of your gross annual income. That lowers your tax bill today. The catch: when you withdraw, income tax is charged on the entire amount, both what you put in and what it earned.
VGBL: no deduction, taxed only on gains
VGBL contributions give no deduction now, but at withdrawal only the gains are taxed, never the principal. That makes it the natural choice for anyone who cannot use the PGBL deduction.
The 12% rule
The PGBL deduction is capped at 12% of your gross annual taxable income, and only works if you file the complete declaration and contribute to the official social security (INSS or an RPPS). Contribute more than 12% and the excess earns no deduction; it would be better in a VGBL.
Complete vs simplified declaration
The PGBL deduction only exists on the complete (completa) declaration. The simplified one already applies a standard 20% discount and ignores itemised deductions, so a PGBL there gives no benefit up front and is still taxed on the whole balance. On the simplified declaration, VGBL almost always wins.
Regressive vs progressive tax
The regressive table rewards patience: the rate on each contribution falls from 35% to just 10% once it has been invested for over ten years. The progressive table uses the normal IRPF rates and suits those who will draw a small taxable income in retirement. Long-term savers usually choose regressive.
The refund is the whole point
PGBL's advantage is a deferral, not free money: the tax you save now is paid later on a larger balance. It only comes out ahead if you reinvest the yearly refund so it compounds. Spend the refund and much of the edge disappears.
Portability: switch plans without paying tax
You can move the balance of a PGBL to another PGBL, or a VGBL to another VGBL, without withdrawing and without triggering income tax. Under the regressive table, the clock on each contribution keeps running: you do not fall back to the 35% rate. Portability is the standard escape route from expensive plans: instead of cashing out, move the balance to a provider with lower fees. What is not allowed: migrating from PGBL to VGBL or the reverse. That is only possible by withdrawing and paying the corresponding tax.
Pension plans have no come-cotas
Ordinary Brazilian investment funds, such as multimercado and fixed income funds, suffer come-cotas: a semi-annual income tax prepayment on gains (15% or 20%, depending on the fund) every May and November, which shrinks the amount left compounding. PGBL and VGBL have no come-cotas: tax only appears at withdrawal, and every cent of return stays invested until then, compounding on the gross value. Over horizons of ten years or more, this deferral, combined with the 10% regressive rate, is a real advantage of pension plans over similar funds.
Tips for choosing a plan
Get the most from your previdência privada.
Match the plan to your declaration
File the complete declaration with taxable income? PGBL can pay off. File simplified, or have little taxable income? VGBL is almost always the better home for the money.
Reinvest every refund
A PGBL only beats a VGBL if the tax you save each year is reinvested and left to compound. Set the refund aside automatically; do not let it leak into spending.
Stop PGBL at 12%
Only the first 12% of gross income earns the deduction. If you want to save more than that into a pension, put the excess in a VGBL rather than a second PGBL.
Pick regressive for the long haul
If you will hold for ten years or more, the regressive table takes you down to a 10% rate. For shorter horizons or a small retirement income, progressive can be gentler.
Combine both
Many people use a PGBL up to the 12% cap for the deduction and a VGBL for everything above it. The two are complementary, not mutually exclusive.
Compare fees before signing
One extra percentage point of fees is expensive: R$ 500 per month for 20 years grows to about R$ 274.600 at 8% per year, but only R$ 246.000 at 7%. Prefer plans with no loading fee and management fees below 1%.
FAQ
What is the real difference between PGBL and VGBL?+
Two things. PGBL lets you deduct contributions from your taxable income (up to 12% of gross income, on the complete declaration), but taxes the whole balance when you withdraw. VGBL gives no deduction, but taxes only the gains. Everything else, the funds, the regimes, the providers, can be identical.
Who should choose PGBL?+
Someone who files the complete declaration, has taxable income, and will reinvest the yearly tax refund so it compounds. Used that way, the deduction is a real, valuable deferral. Contributions should stop at the 12% of income cap, beyond which there is no deduction to capture.
Who should choose VGBL?+
Anyone who cannot use the deduction: people on the simplified declaration, those with little or no taxable income, and anyone already contributing the full 12% to a PGBL who wants to save more. VGBL only taxes the gains, which is a clear advantage when there is no deduction to offset.
What does "taxed on the whole amount" mean for PGBL?+
At withdrawal, PGBL income tax applies to the entire sum you take out, principal and gains together. VGBL applies it only to the gains. That is why PGBL needs the upfront deduction to be worthwhile: it is paying tax on a bigger base later.
How do the regressive and progressive regimes differ?+
The regressive table sets the rate by how long each contribution stayed invested, falling from 35% (under two years) to 10% (over ten years). The progressive table uses the standard IRPF brackets (0% to 27.5%). Regressive rewards long holding; progressive can be better if your taxable income in retirement is low.
Is this tax advice?+
No. It is an educational model of the main rules, in today's figures, and it simplifies several details (it uses your marginal rate for the deduction and treats withdrawal as a lump sum). Your own situation, other income, the exact funds, and future tax rules, may change the answer. Confirm with an accountant before deciding.
What is the 12% deduction worth on a R$ 120.000 salary?+
With gross taxable income of R$ 120.000 per year, the deduction cap is R$ 14.400 (12%), which means contributing R$ 1.200 per month. In the 27.5% marginal bracket, that produces a refund of up to R$ 3.960 per year (27.5% of R$ 14.400). Over 15 years that is R$ 59.400 in deferred tax, which compounds further if reinvested. Contributions above R$ 1.200 per month earn no extra deduction at this salary.
Is PGBL worth it for the self-employed or business owners?+
It depends on taxable income. The PGBL deduction requires income taxed under the IRPF table and contributions to INSS or an official pension regime. Salaried CLT employees meet both requirements automatically. Self-employed workers need to contribute to INSS and declare their income. Business owners who pay themselves mainly through dividends, which are tax-exempt, have little taxable base: 12% of a small pro-labore is a small deduction. In that case, VGBL is usually the more logical choice.
What happens to a PGBL or VGBL when the holder dies?+
The balance is paid directly to the beneficiaries named in the plan, without going through probate (inventário), usually within a few weeks. That is why these plans are widely used for succession planning: the money arrives fast and beneficiaries can be freely chosen. Two caveats: income tax still applies to the payout, according to the plan's regime; and some states try to charge ITCMD inheritance tax on these amounts, a question still disputed in court. Check your state's rules before relying on the exemption.
Can I choose the tax regime after signing up for the plan?+
Yes, the decision has become more flexible. Since a 2024 change in the law, the choice between the regressive and progressive tables can be made as late as the first withdrawal or the start of benefits, no longer only at contracting. That lets you decide once your real horizon is known: someone who has held the plan for over ten years will usually prefer the 10% regressive rate. Confirm the procedure with your provider, because once exercised the choice is final.
Figures are in today's reais and model the main PGBL/VGBL rules: the 12%-of-income deduction on the complete declaration, PGBL taxed on the whole balance versus VGBL on gains only, and the regressive and progressive tables. The deduction uses your marginal rate; withdrawal is treated as a lump sum (the harshest progressive case). Simplified, illustrative, and not tax advice; confirm with an accountant.
Brazilian PGBL/VGBL rules: 12% deduction (completa), whole-balance vs gains-only tax, regressive/progressive tables · BRL, illustrative, not tax advice