4 February, 2025
Fundación Milenio believes that the mistrust of the Public Fund Manager is because the State, the main pension fund debtor, will now manage the system, thus generating a conflict of interest. The potential for conflict is further exacerbated by the fact that the Pension and Insurance Oversight and Control Authority (APS), entrusted with supervising, auditing, controlling and regulating the Public Pension Manager, is also an operational branch of the Ministry of Economy. This creates an anomalous situation in which the manager, regulator and principal debtor of the workers’ contributions is the same body, i.e., the State. A system with such anomalies can only generate doubts and mistrust, so everything indicates that workers who oppose the transfer of their contributions to the Public Pension Manager have understood that conflict of interest risk and are aware of the hazards entailed for their pension savings.
Furthermore, a survey conducted by the company Diagnosis, Social Research Opinion and Market reveals that 52% of people, i.e., the majority of respondents, prefer that their retirement contributions be managed by a private company and not by the Public Pensions Manager, a currently operative state body rejected by some labor sectors. 26% said they prefer the Public Pension Manager, and 22% do not know or do not respond.
To review the full statement of the Millennium Foundation, click here.
To review the full Diagnosis survey news, click here.
4 February, 2025
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