According to this report, in Chile it took more than 3.5 years for the pension system to recover the assets it had before the pension fund withdrawals, which began in July 2020. The three withdrawals that took place during the pandemic totaled about USD 44,395 million.

Some conclusions of the report are:

• If the withdrawals had not been made, the savings in the system could have reached around CLP 208 trillion, instead of the current CLP 168 trillion.
• The damage caused to the profitability of the system by the forced liquidation of such a large amount of assets that had to be carried out in a short time, generated an average real loss of 10% over the three-year horizon. This is unlike what happened in the world, where the benchmark MCSI Global indicator expanded 20% in the same period.
• To maintain the profitability of the Pension Funds, new threats have appeared. Such is the case of loans taken from pension funds, which were approved in the first instance in the pension reform in Congress and which, if approved, would allow to withdraw up to 5% of pension savings, with a limit of 30 UF (approx. USD 1,148) for those who are more than five years away from retirement age. These loans can reduce the final pension between 1.4% and 2.8% depending on the density of contributions, damage that would be multiplied if a possible failure to repay the loan is added to this.
• One of the changes that could help the profitability of the funds would be to make the investment regime more flexible, in terms of increasing exposure to alternative assets (with just increasing the return by one percentage point over 40 years, the pension that can achieved could be 20% higher).