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Submits Bill Limiting Pension Fund Shifts

CHILE

Chile has submitted a bill to limit shifts among pension fund accounts.


AFP shifts have come under scrutiny from the Government, accusing the transfers as causing market volatility that brings no benefit to the economy.


Government wants to limit transfers between the 5 categories to two in a calendar year when it is between any type of fund, or as many times as the client wants within an adjacent risk category.
  • The law seeks to avoid losses that lead to a reduction in pensions and protect the stability of the financial market, the Finance Ministry said.
  • The requests for transfers between funds have increased in 2020, notably there have been around 20 from F&F.
  • Each one of these changes generates flows of ~$5b and affects the exchange rate and local asset prices.
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