Snapshot: Uruguay's private pension fund managers

Uruguay has a mixed pension system that combines a defined-benefit pillar and an individually funded, defined-contribution (AFAP) pillar.

The system is the result of a reform implemented in 1996.

Contributions to the first pillar are mandatory for all registered workers. Rules for joining the AFAP pillar - modeled after Chile's reform of 1981 - vary and factors such as size of salary are taken into account.

Uruguay also has a non-contributory old age and disability pension program.

The statutory retirement age for both men and women is 60, among the lowest in Latin America. The pension contribution rate in Uruguay (percentage of salary) is 11.5%

Four players compete in the country's pension fund management arena and are regulated by the central bank.

REPÚBLICA AFAP (state-run)

- Members at the end of July: 559,318, according to central bank data.

- AUM at the end of July: 287bn pesos (US$9.05bn)

- Estimated real net returns for the 12 months through July: 3.87% (in UR, which is indexed to salaries).

AFAP SURA (part of the Colombian financial services giant)

- Members at the end of July: 324,916

- AUM at the end of July: 87.7bn pesos

- Estimated real net returns for the 12 months through July: 3.24% (in UR).

UNIÓNCAPITAL AFAP (fully owned by Brazilian bank Itaú's Uruguayan unit)

- Members at the end of July: 297,310

- AUM at the end of July: 80.5bn pesos

- Estimated real net returns for the 12 months through July: 3.34% (in UR).

INTEGRACION AFAP (majority owned by Venezuelan state development bank Bandes' Uruguayan unit)

- Members at the end of July: 223,085

- AUM at the end of July: 45.4bn pesos

- Estimated real net returns for the 12 months through July: 2.81% (in UR).

ALSO READ

World Bank official urges Uruguay to overhaul pension system

Pension Regulations Watch: Chile, Uruguay

At a glance: Uruguay's 10 biggest insurers by market share