In its efforts to provide more and better information, the Chilean Superintendency of Pensions published new statistics on its web site related to the number and amounts of pensions paid, compared to the number of years of contribution in the individually funded (AFP) system. It also made available the database of the Pension Amount Consultation and Offers System (SCOMP).

The information on the number and amounts of pensions paid per years of contribution contains data on the new pensioners of the month (flow) and the total number of pensions – new and regular – paid in the month (stock). These figures will be updated monthly.

Among the key findings is that the new pensioners in November 2016 contributed, on average, for slightly more than half of their working lives. Furthermore, 55.5% of the total number of pensions paid to the month of November 2016 (to 435,357 people) were paid to members who had contributed for 20 years or less in the system. 15% of total pensions for this group, on average, are funded by the State through the solidarity complement. Additionally, it is evident that pension amounts for new and regular pensioners are in direct proportion to the number of years of contribution.

A detailed account of the statistics analyzed to the month of November 2016 can be seen in the following report.

Some relevant data on the total number of paid pensions are:

• A total of 784,000 old age pensions were paid in November, 70% of them (549,766) corresponding to retirement at the official retirement age, and 30 per cent (234,235) to early retirement. Furthermore, 45.7% of the pensions were paid to women, and 54.3% to men.
• Of the total number of pensioners, the majority fall within the groups of between 10 to 15 years of contributions (118,513), 15 to 20 years of contributions (132,554), and 20 to 25 years of contributions (127,606). The average amount of the pensions (self financed pension plus the Solidarity Pension Contribution, APS), is USD 311 for old age pensions and USD 490 for early old age pensions. Self-financed pensions increase in proportion to the number of years of contribution. Thus, for example, the 54,392 old-age pensioners in November with between 1 and 5 years of contributions, obtained an average pension amount, including APS, of USD 165, whereas the 55,641 old-age pensioners in the same month who contributed for between 30 and 35 years, obtained an average pension, including APS, of USD 650 (see graph).

Source: FIAP, based on data published by the Chilean Superintendency of Pensions.

To download statistics:
On new retirees each month (flow): http://www.spensiones.cl/safpstats/stats/.sc.php?_cid=20

On the total number of pensions paid at the end of each month (stock): http://www.spensiones.cl/safpstats/stats/.sc.php?_cid=18

Source: www.spensiones.cl

Date: 03.01.2016