{"id":98936,"date":"2026-06-23T10:58:31","date_gmt":"2026-06-23T13:58:31","guid":{"rendered":"https:\/\/murray.adv.br\/?p=98936"},"modified":"2026-06-23T11:08:48","modified_gmt":"2026-06-23T14:08:48","slug":"pension-withdrawals-slow-after-brazils-financial-tax-change","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/pension-withdrawals-slow-after-brazils-financial-tax-change\/","title":{"rendered":"Pension withdrawals slow after Brazil\u2019s financial tax change"},"content":{"rendered":"
\n
\n
\n
Levy on larger private pension contributions curbed inflows, but fewer investors pulled money from plans in early 2026<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n
\n
\n
\n
\n
<\/div>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\n
\n
\n
\n

Withdrawals from private pension plans slowed in the first months of 2026 after a new Financial Transactions Tax (IOF) started applying this year to larger contributions to Free Benefit Generator Life Plan (VGBL) pension plans. The move followed a sharp drop in inflows in the second half of 2025.<\/p>\n<\/div>\n

\n
\n

In January, the 5% financial-transactions tax stopped applying to annual VGBL contributions of R$300,000 or more at each insurer. It now applies only to amounts above R$600,000, based on each participant\u2019s total contributions across the market.<\/p>\n<\/div>\n

\n

\u201cIt shows, to some extent, that participants understand this money is indeed for the long term and that withdrawing it carries a penalty if they want to return,\u201d said \u00c2ngela Assis, CEO of Brasilprev. \u201cBut there is no denying that the IOF hurt the sector.\u201d<\/p>\n<\/div>\n

\n

Rog\u00e9rio Calabria, head of investment and pension products at Ita\u00fa Unibanco, said the propensity to save has increased. \u201cThere is the issue of high debt, on average, across all income levels, and people are trying to rebuild some of their wealth,\u201d Calabria said. \u201cThe war leads to that, interest rates that were expected to fall and are not falling anymore also lead to that, and there are significant uncertainties. When that happens, people hold back on spending and become more conservative in their investments.\u201d<\/p>\n<\/div>\n

\n

Data for the first four months from the National Federation for Private Pension and Life Insurance (Fenaprevi) show net inflows fell 7.8% from the same period in 2025, to R$6.7 billion. Contributions totaled R$54.1 billion in 12 months, down 8.3%, while withdrawals dropped 8.5% to R$47.4 billion. Through March, net inflows had grown 7.2% in 12 months, precisely because withdrawals declined 10.7%.<\/p>\n<\/div>\n

\n

Regulatory uncertainty<\/strong><\/p>\n<\/div>\n

\n

For Fenaprevi\u2019s president, Edson Franco, the tax has had a spillover effect even on Free Benefit Generator Plan (PGBL) plans, which are not taxed upon contribution, because of the regulatory uncertainty it created.<\/p>\n<\/div>\n

\n

\u201cInvestors end up turning to other accumulation products. There are pension products that do, in fact, offer tax incentives for long-term retention, but Brazil has this inconsistency of offering very short-term instruments with full tax exemption,\u201d Franco said, referring to tax-incentivized credit securities. \u201cWhen clients also see a penalty at the point of entry, meaning a reduction in the nominal amount contributed, they naturally step away.\u201d<\/p>\n<\/div>\n

\n

Franco said the industry stepped up communication with participants and has run campaigns to attract new money, helping soften the IOF impact. \u201cLast year, the drop in inflows reached 20%, and this year it was 8%, largely because of the effort by entities to explain who is subject to the tax.\u201d He said he still does not have a clear read on what drove the reduction in withdrawals and that it remains to be seen whether the movement will become a trend.<\/p>\n<\/div>\n

\n

This is an important market for the formation of long-term savings, and the industry \u201cmade a major effort for years to spread financial education and convince society to invest,\u201d said Marcelo Flora, partner at BTG Pactual and CEO of its insurance and pension unit. He expects the government to eventually review the toll, given the contradiction of taxing those who are planning for the future at the point of entry.<\/p>\n<\/div>\n

\n

\u201cThose who already have accumulated resources now think twice before making a withdrawal,\u201d said \u00c9rico Soares Neto, director of BTG Vida e Previd\u00eancia. Soares Neto said inflows rose 7% this year, to R$1.08 billion, driven by a slower pace of outflows.<\/p>\n<\/div>\n

\n

At the end of April, 11.2 million people in Brazil had some type of private pension plan, with reserves of R$1.8 trillion, equivalent to 11% of GDP. That is still limited for a relatively young industry that had been expanding year after year until it hit the brakes in the middle of last year.<\/p>\n<\/div>\n

\n

According to data from Anbima (Brazilian Financial and Capital Markets Association), the funds that hold the sector\u2019s reserves had posted net withdrawals of R$7.1 billion this year through June 17.<\/p>\n<\/div>\n

\n

\u201cWe feel the lost opportunity because pensions could be performing much better if not for this aberration,\u201d Franco said. \u201cTaxing income is what is expected from accumulation products, with a tax incentive for the long term. That is what is done around the world, never taxation at the accumulation stage. This is a punishment for prudent behavior.\u201d<\/p>\n<\/div>\n

\n

Long-term appeal<\/strong><\/p>\n<\/div>\n

\n

Private pension plans have so many advantages that, depending on the situation, they are still worth considering, including for amounts above R$600,000, said Gustavo Lendimuth, a senior executive in Santander Brasil\u2019s distribution and advisory area.<\/p>\n<\/div>\n

\n

Lendimuth cited long-term tax deferral, the absence of so-called \u201ccome-cotas\u201d, the semiannual advance tax charged on other pooled funds, and a rate that falls to 10% after 10 years under the regressive tax table as some of those advantages.<\/p>\n<\/div>\n

\n

Pension plans also help simplify estate succession, without going through probate. \u201cIt is a solution for different needs: for those who want to accumulate, transfer resources or invest for the medium and long term. From five years onward, it is already advantageous.\u201d<\/p>\n<\/div>\n

\n

With R$484.2 billion under management at Brasilprev, Assis said the first months of the year were productive despite the IOF blow. In BB Seguros\u2019s earnings presentation, the company that controls Brasilprev reported a 10.2% increase in pension reserves and inflows of R$3.9 billion, compared with withdrawals of R$1.5 billion in the same period ended in March 2025. Contributions rose 9% in 12 months, to R$15 billion. Recurring net income in the first quarter was R$538 million, up 51% from a year earlier.<\/p>\n<\/div>\n

\n

For this year, the insurer projects growth of 8% to 11% in pension reserves.<\/p>\n<\/div>\n

\n

At Ita\u00fa, the IOF on VGBL plans forced a change in strategy, Calabria said. He said the use of data technology made it more efficient to attract clients from competitors through pension plan transfers. \u201cNow there is this need because the market has become smaller.\u201d<\/p>\n<\/div>\n

\n

With R$351 billion in pension assets, Ita\u00fa has also focused on PGBL, which is not subject to the IOF and is a product the bank already leads in sales and knows how to sell.<\/p>\n<\/div>\n

\n

The product is used by taxpayers who file the full income tax return and can deduct up to 12% of taxable income, increasing their tax refund. \u201cOur client understands it. It is an advisory product, and we have been explaining that some clients could be better allocated in PGBL than in other investments; [the client] has to reallocate, it is a benefit they are leaving on the table,\u201d Calabria said.<\/p>\n<\/div>\n

\n

Another front has been expanding the client base, lowering the average ticket and bringing more people into the product.<\/p>\n<\/div>\n

\n

Calabria said the first four months were productive also because Ita\u00fa, like other peers, moved quickly to attract clients who reach the IOF limit on VGBL plans.<\/p>\n<\/div>\n

\n

\u201cThat high-value client who has R$600,000 to allocate in the year across all insurers, we wanted to reach first.\u201d Inflows through April reached R$4 billion, half of which came from transfers.<\/p>\n<\/div>\n

\n

Despite the slower pace, Calabria expects the sector to grow this year, partly because high interest rates provide an organic boost to invested reserves. \u201cThe IOF has an impact, there is no doubt, but the market has not ended. The sector is rearranging itself. It will grow less than it had been growing, but it is too early to make very pessimistic or very optimistic projections.\u201d<\/p>\n<\/div>\n

\n

He said he still sees demand for the product, but some investors have lost interest. It has become harder to sell the product and explain the IOF, Calabria said. \u201cThere is no way not to be concerned about the rule change. It scared off some clients who think it is better not to touch this.\u201d<\/p>\n<\/div>\n

\n

Competition and transfers<\/strong><\/p>\n<\/div>\n

\n

Lendimuth, of Santander, said the group is gaining pension market share again this year after the IOF change. \u201cThis is a reversal that was planted,\u201d he said. The executive said that, while clients could still contribute R$600,000 without the new tax until the end of last year, the commercial focus was on executing those contributions. Now, the effort is concentrated on transfers and retention. \u201cIt was the best first quarter for new contributions, but we planted a lot of transfers, which we will harvest in the future.\u201d<\/p>\n<\/div>\n

\n

He said face-to-face work by investment specialists at AAA offices has made a difference, since pension plans are predominantly consultative sales. The bank redesigned incentives, expanded its sales repertoire and improved the timeliness of information.<\/p>\n<\/div>\n

\n

In general, insurers linked to the large banks suffer the biggest losses, but Ita\u00fa has managed to defend its ground through consultative sales.<\/p>\n<\/div>\n

\n

In the first four months, according to Susep, Brazil\u2019s private insurance regulator, Ita\u00fa Vida e Previd\u00eancia retained nearly R$2 billion on a net basis, considering amounts accepted and ceded. Bradesco Vida e Previd\u00eancia lost R$1.3 billion, followed by Brasilprev, with R$827.3 million; Caixa Vida e Previd\u00eancia, with R$297 million; Zurich Santander, with R$290.5 million; SulAm\u00e9rica, with R$226.2 million; and Icatu Seguros, with R$82.5 million.<\/p>\n<\/div>\n

\n

Newer players moved in opposite directions, with BTG attracting R$1.3 billion and XP Vida e Previd\u00eancia losing R$38.5 million, after being one of the leaders throughout 2025.<\/p>\n<\/div>\n

\n
\n

Last year, XP\u2019s inflows were boosted by the transfer of plans sold on its platform from Icatu and SulAm\u00e9rica to its own insurer. That friendly asset-transfer drive totaled R$17 billion. XP was followed by BTG, with R$7.8 billion, and Ita\u00fa, with R$7.5 billion.<\/p>\n

By\u00a0Adriana Cotias\u00a0\u2014 S\u00e3o Paulo<\/p>\n

Source: Valor International<\/p>\n

\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Levy on larger private pension contributions curbed inflows, but fewer investors pulled money from plans in early 2026       06\/23\/2026\u00a0 Withdrawals from private pension plans slowed in the first months of 2026 after a new Financial Transactions Tax (IOF) started applying this year to larger contributions to Free Benefit Generator Life Plan (VGBL) […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[26984,26983],"class_list":["post-98936","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-after-brazils-financial-tax-change","tag-pension-withdrawals-slow"],"yoast_head":"\nPension withdrawals slow after Brazil\u2019s financial tax change - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/pension-withdrawals-slow-after-brazils-financial-tax-change\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pension withdrawals slow after Brazil\u2019s financial tax change - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Levy on larger private pension contributions curbed inflows, but fewer investors pulled money from plans in early 2026       06\/23\/2026\u00a0 Withdrawals from private pension plans slowed in the first months of 2026 after a new Financial Transactions Tax (IOF) started applying this year to larger contributions to Free Benefit Generator Life Plan (VGBL) […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/murray.adv.br\/en\/pension-withdrawals-slow-after-brazils-financial-tax-change\/\" \/>\n<meta property=\"og:site_name\" content=\"Murray Advogados\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-23T13:58:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-23T14:08:48+00:00\" \/>\n<meta name=\"author\" content=\"Gelcy Bueno\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gelcy Bueno\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/murray.adv.br\/en\/pension-withdrawals-slow-after-brazils-financial-tax-change\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/murray.adv.br\/en\/pension-withdrawals-slow-after-brazils-financial-tax-change\/\"},\"author\":{\"name\":\"Gelcy Bueno\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\"},\"headline\":\"Pension withdrawals slow after Brazil\u2019s financial tax change\",\"datePublished\":\"2026-06-23T13:58:31+00:00\",\"dateModified\":\"2026-06-23T14:08:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/murray.adv.br\/en\/pension-withdrawals-slow-after-brazils-financial-tax-change\/\"},\"wordCount\":1579,\"keywords\":[\"after Brazil\u2019s financial tax change\",\"Pension withdrawals slow\"],\"articleSection\":[\"Murray News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/murray.adv.br\/en\/pension-withdrawals-slow-after-brazils-financial-tax-change\/\",\"url\":\"https:\/\/murray.adv.br\/en\/pension-withdrawals-slow-after-brazils-financial-tax-change\/\",\"name\":\"Pension withdrawals slow after Brazil\u2019s financial tax change - Murray Advogados\",\"isPartOf\":{\"@id\":\"https:\/\/murray.adv.br\/en\/#website\"},\"datePublished\":\"2026-06-23T13:58:31+00:00\",\"dateModified\":\"2026-06-23T14:08:48+00:00\",\"author\":{\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\"},\"breadcrumb\":{\"@id\":\"https:\/\/murray.adv.br\/en\/pension-withdrawals-slow-after-brazils-financial-tax-change\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/murray.adv.br\/en\/pension-withdrawals-slow-after-brazils-financial-tax-change\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/murray.adv.br\/en\/pension-withdrawals-slow-after-brazils-financial-tax-change\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"In\u00edcio\",\"item\":\"https:\/\/murray.adv.br\/en\/home\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Pension withdrawals slow after Brazil\u2019s financial tax change\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/murray.adv.br\/en\/#website\",\"url\":\"https:\/\/murray.adv.br\/en\/\",\"name\":\"Murray Advogados\",\"description\":\"PLG International Lawyers\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/murray.adv.br\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\",\"name\":\"Gelcy Bueno\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g\",\"caption\":\"Gelcy Bueno\"},\"url\":\"https:\/\/murray.adv.br\/en\/author\/news\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Pension withdrawals slow after Brazil\u2019s financial tax change - Murray Advogados","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/murray.adv.br\/en\/pension-withdrawals-slow-after-brazils-financial-tax-change\/","og_locale":"en_US","og_type":"article","og_title":"Pension withdrawals slow after Brazil\u2019s financial tax change - Murray Advogados","og_description":"Levy on larger private pension contributions curbed inflows, but fewer investors pulled money from plans in early 2026       06\/23\/2026\u00a0 Withdrawals from private pension plans slowed in the first months of 2026 after a new Financial Transactions Tax (IOF) started applying this year to larger contributions to Free Benefit Generator Life Plan (VGBL) […]","og_url":"https:\/\/murray.adv.br\/en\/pension-withdrawals-slow-after-brazils-financial-tax-change\/","og_site_name":"Murray Advogados","article_published_time":"2026-06-23T13:58:31+00:00","article_modified_time":"2026-06-23T14:08:48+00:00","author":"Gelcy Bueno","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Gelcy Bueno","Est. reading time":"9 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/murray.adv.br\/en\/pension-withdrawals-slow-after-brazils-financial-tax-change\/#article","isPartOf":{"@id":"https:\/\/murray.adv.br\/en\/pension-withdrawals-slow-after-brazils-financial-tax-change\/"},"author":{"name":"Gelcy Bueno","@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e"},"headline":"Pension withdrawals slow after Brazil\u2019s financial tax change","datePublished":"2026-06-23T13:58:31+00:00","dateModified":"2026-06-23T14:08:48+00:00","mainEntityOfPage":{"@id":"https:\/\/murray.adv.br\/en\/pension-withdrawals-slow-after-brazils-financial-tax-change\/"},"wordCount":1579,"keywords":["after Brazil\u2019s financial tax change","Pension withdrawals slow"],"articleSection":["Murray News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/murray.adv.br\/en\/pension-withdrawals-slow-after-brazils-financial-tax-change\/","url":"https:\/\/murray.adv.br\/en\/pension-withdrawals-slow-after-brazils-financial-tax-change\/","name":"Pension withdrawals slow after Brazil\u2019s financial tax change - Murray Advogados","isPartOf":{"@id":"https:\/\/murray.adv.br\/en\/#website"},"datePublished":"2026-06-23T13:58:31+00:00","dateModified":"2026-06-23T14:08:48+00:00","author":{"@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e"},"breadcrumb":{"@id":"https:\/\/murray.adv.br\/en\/pension-withdrawals-slow-after-brazils-financial-tax-change\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/murray.adv.br\/en\/pension-withdrawals-slow-after-brazils-financial-tax-change\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/murray.adv.br\/en\/pension-withdrawals-slow-after-brazils-financial-tax-change\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"In\u00edcio","item":"https:\/\/murray.adv.br\/en\/home\/"},{"@type":"ListItem","position":2,"name":"Pension withdrawals slow after Brazil\u2019s financial tax change"}]},{"@type":"WebSite","@id":"https:\/\/murray.adv.br\/en\/#website","url":"https:\/\/murray.adv.br\/en\/","name":"Murray Advogados","description":"PLG International Lawyers","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/murray.adv.br\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e","name":"Gelcy Bueno","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g","caption":"Gelcy Bueno"},"url":"https:\/\/murray.adv.br\/en\/author\/news\/"}]}},"_links":{"self":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts\/98936","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/comments?post=98936"}],"version-history":[{"count":2,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts\/98936\/revisions"}],"predecessor-version":[{"id":98939,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts\/98936\/revisions\/98939"}],"wp:attachment":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/media?parent=98936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/categories?post=98936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/tags?post=98936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}