Petros has a deficit of R$22,6 billion and Petrobras is preparing a plan to address it.

RIO DE JANEIRO (Reuters) - With a deficit last year more than three times the permitted tolerance limit, Petrobras is preparing a restructuring plan for its pension fund, the Petros Sistema Petrobras Plan (PPSP), and foresees additional contribution percentages for a period of up to 18 years.

Petrobras reported on Thursday that Petros closed 2015 with a deficit of 22,6 billion reais, exceeding the maximum tolerance limit of 6,5 billion reais stipulated by law.

The amount of 16,1 billion reais above the tolerance limit will be distributed equally among sponsors, participants, and beneficiaries, the company said.

"Therefore, Petros will have to develop, throughout 2016, a plan to address the deficit, which will increase contributions from sponsors, participants, and beneficiaries of the PPSP starting in 2017," the state-owned company stated in a relevant fact.

Petrobras said the Petros deficit is already reflected in Petrobras' financial statements released to the market, but additional contributions will be accounted for as they are actually made.

The company said an actuarial study will be prepared, which will show the causes of the deficit and establish the form and term of payment. Additional contribution percentages will be determined, with a maximum term of 18 years, Petrobras said.

The fund serves approximately 21 active participants and 55 beneficiaries.

Petrobras added that Petros' audited financial statements for 2015 are in the final stages of completion, with a deadline of July 31 for submission to the National Superintendence of Complementary Pension Funds (Previc).

(By Juliana Schincariol)