Chile's regulator preps pension reform proposal

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Tuesday, October 18, 2016

Chile's pension regulator SP has finished the first stage of the technical report to be used by the administration of President Michelle Bachelet to introduce pension reform legislation.

The regulator has held 13 meetings with representatives from the six private pension fund managers (AFPs) operating in the country. Added emphasis was placed on voluntary pension savings, contributions from independent workers, and contributions owed by employers, Diario Financiero reported, citing regulator president Osvaldo Macías.

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The regulator also held meetings with the local insurers' association ACHA and the investment funds association Acafi, the daily added.

Upon announcing plans for a reform last August, Bachelet cited the need to have AFPs return management fees to members when providing negative investment returns; creating a state-run AFP; allowing members to vote for representatives to AFP boards; using the same mortality table for men and women, and regulating hidden fees.

Meanwhile, yet another massive rally was held to protest against the nation's pension system last weekend.