THE FINANCIAL ANALYSIS OF THE PORTUGUESE CAIXA GERAL DE APOSENTAÇÕES IN THE NEW MILLENNIUM. Rute Abreu Professora Adjunta

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1 132f THE FINANCIAL ANALYSIS OF THE PORTUGUESE CAIXA GERAL DE APOSENTAÇÕES IN THE NEW MILLENNIUM Rute Abreu Professora Adjunta Fátima David Professora Adjunta, Escola Superior de Tecnologia e Gestão do Instituto Politécnico da Guarda Guarda, Portugal Área Temática: f) Sector Público. Palabras clave: Caixa Geral de Aposentações, Análisis financiero, Portugal.

2 THE FINANCIAL ANALYSIS OF THE PORTUGUESE CAIXA GERAL DE APOSENTAÇÕES IN THE NEW MILLENNIUM Resumen Esta investigación analiza la Caixa Geral de Aposentações (CGA) para entender la sostenibilidad financiera del régimen de pensiones de los funcionarios públicos portugueses. El proceso financiero de la CGA enfrenta varios problemas que deben superarse, como sea la dispersión, complejidad y dificultad de consolidación de la información contable, además de la falta de integración entre los sistemas de información contable y estadístico. De hecho, la CGA debe impulsar dos estrategias básicas: una para los contribuyentes en relación a la promoción de su empleo; y otra dirigida a los pensionistas y beneficiarios para garantizar su nivel de vida tras su jubilación.

3 THE FINANCIAL ANALYSIS OF THE PORTUGUESE CAIXA GERAL DE APOSENTAÇÕES IN THE NEW MILLENNIUM ABSTRACT This research studies the Caixa Geral de Aposentações (CGA) in order to understand the financial sustainability of Portuguese pension scheme for civil servants. The financial process of CGA faces several problems that must be overcome, particularly the dispersion, complexity and difficulty of accounting information consolidation, as well as the lack of integration between the systems of accounting and statistical information, leading to insufficient flexibility to build alternative scenarios. Above all, the CGA should promote two basic strategies: one for the contributors in connection with the promotion of a high employment level, and the other addressed to the pensioners and beneficiaries, to ensure your standard of living after retirement.

4 1. INTRODUCTION The current and future generations want to be implemented and developed strategies for social responsibility to ensure the right to a Portuguese pension scheme for civil servants on retirement, survivor and other minor special pensions. However, the continuity of the Portuguese welfare state, in general, and the Caixa Geral de Aposentações (CGA), in particular, are profoundly affected in terms of sustainability and requires urgent measures to survive, prevents its breakdown, given the current limitations and social, economic and political constraints. Although the annual report of the CGA recognizes the importance of the Portuguese pension scheme, in practice the Portuguese civil servants retirement and survivor pensions funds requires social responsibility strategies to ensure the right to the current and future generations to the collective welfare. In this sense, the CGA, especially because it is a Governmental entity, must lead its own sustainable development. Korhonen (2003: 301) defends that the notion of sustainability has nevertheless become the basis of societal environmental discussion, environmental policy and management. Perhaps we cannot determine the direction toward sustainability, but we can know the general direction away from unsustainable development. Following the constant changes in laws and regulations that have distorted the real purpose of the CGA, its role has also been aggravated as a result of: Portuguese economic failure, which cannot increase the quota of contributors and therefore did not rebalance public finance; improvement of quality of life, facing the demands of consumerism exaggerated compared to the inconvenience of increased cost of living galloping conditioned by socio-economic reality of contributors and pensioners; difficulty of survival in the world of work ranging from the precariousness of getting a job until their maintenance (Pinheiro, 2006); changes in demography due to declining birth rates and also the aging dynamics (MTSS, 2006); and the actual sustainability of the CGA with the movement to close the system of public sector pensions in the private sector mainly through the establishment of the sustainability factor (AR, 2007). Despite these limitations, the CGA has been permanently adapted to social, economic, technological and legal advances, to meet all needs, besides giving the example of respect and promote the accountability principle (Burgess and Ratto, 2003). In this sense, this research examines the practical implications that are developed to the level of the

5 challenges in the security system itself, facing the citizens, institutions and governments, requiring strategies of the emerging new public management, promoting social responsibility as the best practice of the collective welfare. Given the above, this research is organized as follows: section 2 discusses the role of the Portuguese Caixa Geral de Aposentações, specifically its legal and functional framework. Section 3 argues the social sustainability of the Caixa Geral de Aposentações in the context of the new social strategies. Section 4 presents the economic sustainability of the Caixa Geral de Aposentações putting emphasis on the new economic strategies. Finally, section 5 summarizes the main findings and presents the final conclusion. 2. THE ROLE OF THE CAIXA GERAL DE APOSENTAÇÕES The Portuguese civil servants retirement and survivor pensions funds, Caixa Geral de Aposentações (CGA) and Montepio dos Servidores do Estado (MSE), were founded in 1929 (MF, 1929) and 1934 (MF, 1934). The CGA and the MSE formed, together, for many years Caixa Nacional de Previdência (CNP), an annexed institution to the Portuguese public bank Caixa Geral de Depósitos, Crédito e Previdência (CGD). The organic dependency of the CGA towards the CGD was kept unchanged until 1993, through the Decree-law nº 277/93 (MF, 1993), when the MSE was extinguished and the management of the survivor pension scheme was transferred to the CGA, meanwhile refunded as a public legal entity with its own Board of Directors and Audit Committee and with both financial and administrative autonomy, but under the regulatory authority of the Minister of Finances. Currently, the CGA is regulated by the Organic Law approved by Decree-law nº 84/2007 of March 29 (MFAP, 2007). The CGA administrates the Portuguese pension scheme for civil servants appointed until 31 of December of 2005 (retirement, survivor and other minor special pensions). Due to special laws, this contributory pay-as-you-go special scheme covers also teachers from private schools and workers of some public (or State owned though private) companies appointed until 31 of December of 2005 (CTPRACE, 2006). The main goals of the CGA are: to grant, on behalf of CGA, the following benefits (retirement pensions to civil servants, survivor pensions to their dependants, and other minor pensions); to manage and control employers and employees contributions; to assist

6 in the drafting of civil servants pension scheme regulations; to provide all the necessary means to have CGA accounting done in accordance with the principles of sound financial management (CTPRACE, 2006). To understand all the changes and their consequences, both in terms of social responsibility, both in terms of sustainability of the Portuguese civil servants retirement and survivor pensions funds; we analyzed the population of the CGA users (Table 1). Table 1. Evolution of the Civil Servants Retirement and Survivor Pensions Funds, Source: CGA (2002; 2003; 2004; 2005; 2006; 2007; 2008). Any changes in the contributors, pensioners and beneficiaries have implications for the structural indicator which evaluates the financial sustainability of the system, i.e. the indicator of the number of active contributors over the number of inactive pensioners. According to this indicator, for each active contributor, the pensioner and beneficiary inactive decreased from in 2002 to in Thus, the authors believe that by 2010, if nothing is changed, the indicator is less than one putting into question the sustainability of the CGA. This is certainly justified by the number of contributors since 2006, is below the average of the period and the number of pensioners and beneficiaries since 2005 are above the average of the period. Furthermore, the Table 1 presents a decrease in the number of contributors and, moreover, an increase in the number of the pensioners in the amount of 12,855 (+10.6%) compared to 2002 value s, as well the number of pensioners/beneficiaries amounting to 85,960 (+26.0%) compared to 2002 value s. Therefore, the ability of self-financing system

7 has gradually diminished over the years in analysis, because the CGA contributors has decreased from 778,782 in 2002 to 636,110 in 2008, i.e. 142,672 contributors (-18.3%) compared to 2002 value s. The main reason for this difference lies in the fact of not making new entries since January 1, 2006, as provided in article 2 of Law nº 60/2005 (AR, 2005b). Until 31 of December of 2005, Portuguese civil servants and public sector agents employed by State administrations, Local authorities, Autonomous and military communities, as well as deputies (optional), teachers from private schools and workers of some public (or State owned though private) companies, as long as they kept that job situation and received pensionable remuneration, were obligatorily CGA scheme members (AR, 2005b). The civil servants appointed after 31 of December of 2005 are no longer eligible to join the CGA pension scheme. They must join the general private workers pension scheme (AR, 2005a), using a sustainability factor, which corresponds to the year of retirement and shall be based on data published annually by the Portuguese Statistics Institute. The Law nº 4/2007 (AR, 2007) defined the sustainability factor as relationship between the average life expectancy in a given reference year and the average life expectancy that is found in the previous year of application of the pension. The retirement pension is the benefit granted to the scheme members that, having met the qualifying conditions, cease to be civil servants/employees. The retirement can be due to: employees' request, when he meets the voluntary retirement qualifying conditions; disability; age limit; and special regulations (CGA, 2010). However, the entitlement to a retirement pension depends on a period of membership of 5 years minimum and a retirement pension is granted when the scheme member meets one of the following conditions: 65 years of age and 15 years of service or, until the 31 December 2014 (following age and time of service of the Table 2); at least 5 years of service (contributory service within European Union or in Portuguese private workers pension scheme is considered for this purpose) and age limit (normally 70 years), permanent disability for work, punishment with the penalty of compulsory retirement, and other situations subject to special regimes (CGA, 2010).

8 Table 2. Entitlement to Voluntary Retirement Pension, Source: AR (2005b). Also, the scheme members that had, on the 31st December of 2005, at least, 60 years of age and 36 years of time of service are allowed to retire whenever they want. The scheme members aged less than 60 years that could retire during 2005 will continue to be able to retire earlier (CGA, 2010). 3. THE SOCIAL SUSTAINABILITY OF THE CAIXA GERAL DE APOSENTAÇÕES The social responsibility theory and practice of a public entity like the CGA, is based on priorities, expectations, attitudes and behaviours of the contributors, pensioners and beneficiaries, and indisputable that they reward the entities and socially responsible, as opposed penalize the less socially responsible (Oriol, 2002). Table 3 shows the evolution of the new allowances, based on their reasons for requirement pension. Table 3. New Allowances to Requirement Pension, Source: CGA (2002; 2003; 2004; 2005; 2006; 2007; 2008). Table 3 shows in the last six years, considering the age and the time of service, the number of employees request (voluntary requirement) amounted to 68,906 (42% of total),

9 the early requirement to 36,843 (22% of total) and disability requirement amounted to 30,697 (19% of total). Latter, there is a strong decline of inactive -2,320 (-42.49%), due to legal changes that have restricted. On the one hand, the increase of the early requirement pension (voluntary type of retirement) results of the application of the article 37-A of Law nº 11/2008 related with the Statute of retirement (amending the Law nº 60/2005). The early requirement pension is granted when the scheme member is, at least, 55 years old, as long as he had served 30 years until his 55th anniversary (AR, 2008). On the other hand, Campos and Pereira (2008) argue that the inclusion of the sustainability factor generates a negative impact on the number of initial annual pension of CGA contributors, which increases with the increase of life expectancy. The reformulation of the Portuguese pension scheme culminated in the new Statute of retirement, which implied increases in periods of length, increases the retirement age, reduction of the values assigned in the retirements and pensions, changes calculation formula and limit loss of purchasing power of current and future pensioners. The voluntary retirement pension not related to disability is granted according to: the pension scheme rules and the member situation (age, salary and time of service) at a particular time chosen by the scheme member; or if no date is indicated in the retirement pension claim form the pension scheme rules at the time CGA receives the retirement pension claim and the member situation at the time the final decision concerning the retirement pension is taken (CGA, 2010). In the other situations, the retirement pension is granted according to the pension scheme rules and the member situation at the time (scheme meaningful moment): the scheme member reaches the age limit (70 years); the scheme member is found permanent and totally unable for his work by CGA medical committee; and the member is punished with the penalty of compulsory retirement (CGA, 2010). The monthly contribution rate to CGA is 10% of the pensionable remuneration (7.5% for retirement and 2.5% for survivor pension). The pensionable remuneration means all salary or wages, excluding overtime payments and special payments for extra duties, payable to a member for service (CGA, 2010). The pensionable remuneration is always related to the job that entitled the member to join the scheme (scheme meaningful job).

10 Should the member have simultaneously more than one job, two situations can occur: both jobs entitle him to join the scheme (2 scheme meaningful jobs) - the pensionable remuneration is the higher of the two salaries; or only one of the jobs is scheme meaningful - the pensionable remuneration corresponds to the salary of that job (CGA, 2010). When the member leaves temporarily the job that entitled him to join the scheme (unpaid leave, secondment, between others) and the new job is not scheme meaningful, his contributions towards the scheme will remain related to the meaningful job (job of origin) (CGA, 2010). According to Explanatory Booklet (CGA, 2010), the pensionable remuneration of the civil servants appointed before (old members) is the final salary (the last monthly remuneration the member received before retiring) and the pensionable remuneration of the civil servants appointed after (new members) is the average of the salaries they received in their entire career (see Table 4). Table 4. Limited of the Full Career, and Beyond Source: AR (2005b). However, despite all the changes, modifications and progress seems to have been an excessive concern about applying the primacy principle of the public responsibility enshrined in article 14 of Law nº 4/2007, specifically: "State's duty to create the conditions necessary for achieving the right to social security and to organize, coordinate and support the social security system. (AR, 2007). In this reality, the social responsibility principles (e.g. accountability, transparency, sustainability and social contract) have a significant role to play in the development of the Portuguese pension scheme based on the relationship between Government and civil servants. Considering the definition of the core principles of sustainable development, Gibbs (2000: 10) defends the: quality of life (including and linking social, economic and 0

11 environmental aspects); care for the environment; thought for the future and the precautionary principle; fairness and equity; and participation and partnership. Also, Aras and Crowther (2009) state, as major elements of sustainability, the maintaining economic activity, ensuring social justice and developing spiritual and cultural values. Thus, the concept of sustainability, earlier theoretical and very general, tends to evolve more and more concepts and goals more objective, concerned, according to Crowther and Rayman-Bacchus (2004: 239): "(...) effect produced by an action taken in this and its implications in the future. If the resources are used in the present, then they are no longer available in the future, and this is particularly worrying when resources are finite in quantity. " In a highly competitive environment, if the means and resources are available for the CGA then it can ensure and achieve to all subscribers to its retirement and pension sustainability. 4. THE ECONOMIC SUSTAINABILITY OF THE CAIXA GERAL DE APOSENTAÇÕES At accounting level, the CGA follows the rules established in the Official Plan of Public Accounting (in Portuguese, Plano Oficial de Contabilidade Pública - POCP), approved by Decree-law nº 232/97 of September 3 (MF, 1997), constituting an important step in reform of financial administration and public accounts, creating conditions for the integration of budget accounts, patrimonial and management, within a modern public accounts system that would enable the delivery of information essential to the management of public bodies and their evaluation (Alves et al., 2006). Integration within a single accounting system of the three previous dimensions is complemented with the following objectives of POCP: increase the quantity and quality of accounting information to different users; harmonize accounting procedures to facilitate the comparability of information and consolidation of public accounts; approach the public accounting system, particularly the economic and financial system accounting business (Carvalho and Silveira, 2008). Following the accounts public rules, Table 5 presents the balance sheet of the CGA during period. The total of assets of the CGA in 2008 increased 494.8% compared to 2002 value (+ 3,177,330). The main reason for this increase was the 1

12 incorporation of other entities in the CGA. In 2004, the CGA has received, among others, 1,434,120 of the CGD and 106,741 of the Airports of Portugal, in consequence of the transfer of responsibilities to the CGA by charges of retirement of staff assigned to those entities. Table 5. Balance Sheet of the CGA, Source: CGA (2002; 2003; 2004; 2005; 2006; 2007; 2008). The balance sheet of the CGA not presented tangible and intangible assets because the CGA opted for the leasing contracts of buildings, computer equipment, transport equipment and other assets. Thus, the investment strategy of CGA focuses on financial investments, introducing this item the most growth over the six years under review, specifically an increase of 691.6% (+ 2,845,347). In relation to current debtors, there was an overall increase of 102.6% (+ 230,829), since the account of the "current contributors" grew proportionally more than 5.5% (+ 256,914), while the "current users" decreased 7.8% (- 944). This situation is worrisome, because it results from the reorganization of procedures for the transfer of the entities referred to above, but having it will outline a policy that charges more rigid. The equity is divided into a permanent fund that is always stable and amounts to 37,529, and also a reserve fund which has fluctuated and that increased 162.0% (+ 331,621) between 2002 and 2008 due to the incorporation of reserves, which also increased 784.1% (+ 2,876,956). But it must be noted that the annual net profit decreased 756.7% 2

13 (- 188,415). The liability has almost no relevance, for several years under review, an increase of 187.9% (+ 131,741), driven by increased payables. For its part, the profit and loss accounts of the CGA during periods are reflected in Table 6. The losses of the CGA ranged between 4,369,762 in 2002 and 7,030,534 in 2008, with the maximum being reached in 2004 with 8,549,924. Table 6. Profit and Loss Accounts of the CGA, Source: CGA (2002; 2003; 2004; 2005; 2006; 2007; 2008). On the one hand, the item with the greatest impact of growth was the relative interest expenses, which in 2008 amounted to 164,189, due mainly to the recognition of provisions for financial investments, to cope with potential losses of securities allocated to special reserves and CGD Reserve Fund. On the other hand, the current and social transfers paid increasing 60.7% from 2002 to 2008 (+ 2,622,961) as a direct consequence of increased pension costs of CGD, which represent approximately 96% of those transfers. These transfers, since 2006, are higher than the average of the period under review, noting the value of 4,078,651 in 2002 and 6,663,554 in The values in exceptional expenses recorded only 60,714 and are relate to capital losses, determined on the sale of investments required to address the coverage of pension costs and benefits allocated to special reserves (CGA, 2010). 3

14 Regarding the operating results of the CGA there was a decrease over the years under study, its negative value in 2008 (- 163,515), being directly connected with the operational decisions of the CGA on the transfer operations with other entities and the weaknesses among the obtained current transfers and subsidies, combined with taxes and fees that are still insufficient to transfer operations and current subsidies granted. More than the sustainability of the CGA, which is being called into question, urgent measures are required for this entity to survive and meet their obligations from pensioners and retirees. The CGA assures contributors, pensioners and beneficiary an income level too low and this issue has not been the subject of attention, nor literature, nor in political discourse (Murteira, 2008). Table 7 shows the maximum and minimum pensions, from 2002 to 2008, showing a value much narrower than the national minimum wage. Table 7. Limited of Maximum and Minimum Pensions, Source: CGA (2002; 2003; 2004; 2005; 2006; 2007; 2008). In this line, it is worrying the area of employees and directors bonus, justifying the need to examine the staff of CGA in the years In Table 8, there were, firstly, in 2002, in the service of CGA 326 employees, representing 137 men (42%) with an average of 47.8 years and 189 women (58%) with an average 43.8 years. Moreover, in the year 2008, CGA were in the service 289 employees, representing 115 men (42%) with an average of 46.6 years and 174 women (58%) with an average 43.8 years. 4

15 Table 8. Employees of the CGA, Source: CGA (2002; 2003; 2004; 2005; 2006; 2007; 2008). Despite the reduction in staff numbers, Table 7 evidences that employees and directors expenses increased 1,753, (+33.2%); in 2002 its value was 5,284, and in 2008 moved to Thus, the average annual salary of the employee of CGA, which was 16, in 2002 and rose to 24, in 2008, increased by 8, (+50.2%). 5. CONCLUSION Social responsibility and sustainability of CGA began with the formulation of management policies for public services should be rational and introduce innovative solutions in the pension scheme for civil servants (retirement, survivor and other minor special pensions). In this since, annual reports of the CGA have greater flexibility and adaptability, given the culture of shared responsibility of it, although it has still not meet the solidarity that is required between generations, while fully respecting the diversity of the organizational, economic, financial and social aspects of the disclosure information. In reality, the process of continuous improvement of CGA faces several problems that must be overcome, particularly the dispersion, the inconsistency, the complexity and the difficulty of consolidation of accounting information, the lack of integration between the systems of accounting and statistical information as well as reduced time to its analysis, leading to insufficient flexibility to build alternative scenarios did not specify a sensitivity analysis, compounded by the unavailability of some economic actors to cooperate actively in this process. Additionally, and in some cases, decisions are taken with delays and 5

16 spent, because there is a lack of vision at the level of planning, consolidation and control of accounting information. The process of the CGA sustainability calls for urgent action so that it can survive, avoiding its disintegration, although there are some limitations and constraints specifically with the legislation and new State Budget policies. In this sense and in field of the CGA, this needs further developments and future research. To further such a development, it may also be worthwhile to understanding of why, what and how social and economic crises affect the relation between pensioners and beneficiaries. Above all, if the CGA should promote two basic strategies: one for the contributors in connection with the promotion of a high level of employment, and the other addressed to the pensioners and beneficiaries, to ensure your standard of living after retirement. To conclude, the authors defend that the need of more social responsibility of the CGA with the moral and economic crisis generates more information asymmetry, uncertainty and risk to the Portuguese Pension Scheme. References Alves, J.M.A.; Ribeiro, N.A.B.; Monte, A.P.C. and Fernandes, P.O. (2006). Integração da Contabilidade Orçamental e Contabilidade Patrimonial: Estudo dos Municípios do Distrito de Bragança. Proc. XXXII Reunión de Estudios Regionales. Aras, G. and Crowther. D. (2009). The Durable Corporation: strategies for sustainable development. Farnham: Gower. Assembleia da Republica (AR, 2005a). Lei nº 52/2005, aprova as Grandes Opções do Plano para Diário da República, nº 168, Série I-A, 31 de Agosto, pp Assembleia da Republica (AR, 2005b). Lei nº 60/2005, estabelece mecanismos de convergência do regime de protecção social da função pública com o regime geral da segurança social no que respeita às condições de aposentação e cálculo das pensões. Diário da República, nº 249, Série I-A, 29 de Dezembro, pp Assembleia da Republica (AR, 2007). Lei nº 4/2007, aprova as bases gerais do sistema de segurança social. Diário da República, nº 11, Série I-A, 16 de Janeiro, pp

17 Assembleia da Republica (AR, 2008). Lei nº 11/2008, procede à primeira alteração à Lei n.º 53/2006, de 7 de Dezembro, que torna extensivo o regime de mobilidade especial aos trabalhadores com contrato individual de trabalho, procede à vigésima sexta alteração ao Decreto-Lei n.º 498/72, de 9 de Dezembro, que consagra o Estatuto da Aposentação, procede à segunda alteração à Lei n.º 60/2005, de 29 de Dezembro, procede à primeira alteração à Lei n.º 52/2007, de 31 de Agosto, e cria a protecção no desemprego de trabalhadores da Administração Pública. Diário da Republica, nº 36, Série I-A, 20 de Fevereiro, pp Burgess, S. and Ratto, M. (2003). The role of incentives in the public sector: issues and evidence. Oxford Review of Economic Policy, vol. 19, nº 2, pp Caixa Geral de Aposentações (CGA, 2002). Relatório e Contas Lisboa: CGA. Caixa Geral de Aposentações (CGA, 2003). Relatório e Contas Lisboa: CGA. Caixa Geral de Aposentações (CGA, 2004). Relatório e Contas Lisboa: CGA. Caixa Geral de Aposentações (CGA, 2005). Relatório e Contas Lisboa: CGA. Caixa Geral de Aposentações (CGA, 2006). Relatório e Contas Lisboa: CGA. Caixa Geral de Aposentações (CGA, 2007). Relatório e Contas Lisboa: CGA. Caixa Geral de Aposentações (CGA, 2008). Relatório e Contas Lisboa: CGA. Caixa Geral de Aposentações (CGA, 2010). Regimes de aposentação e das pensões de sobrevivência. Guia do Utente. Lisboa: CGA. Campos, M. and Pereira, M. (2008). Impacto das recentes alterações ao Estatuto da Aposentação. Boletim Económico do Banco de Portugal, Verão. Carvalho, J. and Silveira, O. (2008). Prestação de Contas na Administração Pública Formação eventual. Lisboa: Câmara dos Técnicos Oficiais de Contas. Comissão Técnica do Programa de Reestruturação da Administração Central do Estado (CTPRACE, 2006). V/4-Micro-Estruturas: 4-MFAP. Ministério das Finanças e da Administração Pública. Lisboa: PRACE. Crowther, D. and Rayman-Bacchus, L. (2004). The Future of Corporate Social Responsibility. In Crowther, D. and Rayman-Bacchus, L. (ed.). Perspectives on Corporate Social Responsibility. Aldershot: Ashgate, pp Gibbs, D. (2000). Ecological modernisation, regional economic development and regional development agencies. Geoforum, vol. 31, nº 1, pp

18 Korhonen, J. (2003). On the Ethics of Corporate Social Responsibility Considering the Paradigm of Industrial Metabolism. Journal of Business Ethics, vol. 48, nº 4, pp Ministério das Finanças (MF, 1929). Decreto-Lei nº , cria a Caixa nacional de Previdência. Diário da República, nº 99, Série I-A, 27 de Março, pp Ministério das Finanças (MF, 1934). Decreto-Lei nº , cria o Montepio dos Servidores do Estado, extinguindo todos os outros existentes. Diário da República, Série I-A, 21 de Junho, pp Ministério das Finanças (MF, 1993). Decreto-Lei nº 277//93, estabelece o regime jurídico da Caixa Geral de Aposentações. Diário da República, nº 186, Série I-A, 10 de Agosto, pp Ministério das Finanças (MF, 1997). Decreto-Lei nº 232/97, aprova o Plano Oficial de Contabilidade Pública (POCP). Diário da República, nº 203, Série I-A, 3 de Setembro, pp Ministério das Finanças e da Administração Pública (MFAP, 2007). Decreto-Lei nº 84/2007, Aprova a orgânica da Caixa Geral de Aposentações, I. P. Diário da República, nº 63, Série I-A, 29 de Março, pp Ministro do Trabalho e da Solidariedade Social (MTSS, 2006). Relatório Técnico sobre a Sustentabilidade da Segurança Social. Lisboa: MTSS. Murteira, M. (2008). A Reforma de 2007 do Sistema Público de Pensões em Portugal Uma Análise Crítica das Escolhas Normativas Implícitas. Notas Económicas, Dezembro, pp Oriol, F. (2002). Responsabilidad social y su impacto en el negocio. Dirección y Progreso, nº 184, pp Pinheiro, J. (2006). O regime de aposentação dos funcionários públicos. Regras actuais e perspectivas de futuro. Proc. XXVI Colóquio Nacional da ATAM. 8