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Retirees May Be Exempt From New Asset Management Fee

COLOMBIA
  • Colombia’s private pension fund association Asofondos said that more than a million clients would be exempt from a 0.7% management fee passed by the senate last week – Bloomberg.
  • Asofondos beleives those Colombians who have already retired, or close to retirement, would be excluded from the fee. This would cut the total of assets on which the fee would be charged to $49 billion (from $104bn).
  • To recap, as part of its discussions of the pension reform bill, the Senate added a new clause that will allow pension funds to charge 0.7% on assets managed, in addition to the fees charged upfront.
  • The Senate is expected to vote to approve President Petro’s pension reform proposal later.
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