Interesting returns, disinterested contributors. What better phrase to summarize the current situation of voluntary pension funds in this part of the continent?
In 1981 Chile became the first country in the region to establish an individual capitalization regime, generating a wave that swept countries like Peru, Colombia, Uruguay, Mexico and Bolivia, in that order, in the 1990s.
A boost for the development of Latin America that, in addition to being a beginning to universalize access to a pension, came with a bonus: contributions for a voluntary pension, a savings and investment option that is advancing slowly and that, in some countries like Chile , was regulated years after the individual capitalization regime was established.According to the ranking of the Human Development Index of the United Nations Development Program, Chile is the most advanced country in Latin America. It is no coincidence that, of the cases analyzed, it is the one that takes the lead in terms of voluntary pensions.
According to December 2018 data published by the newspaper El Mercurio, in the southern country there are 2.2 million accounts for Voluntary Pension Savings, which represents a fifth of the members of the Pension Fund Administrators. Currently, these funds manage more than US$ 11 million.