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18 April, 2022

Level of managed funds and contributors in Latin America’s mandatory individually-funded systems at the end of December 2021

As of December 2021, the number of contributors to Latin American mandatory individually-funded systems (see Table 1) had increased by 6.3% in the previous 12 months and by 1.9% in the previous quarter, amounting to 40.6 million, reflecting a strong recovery in formal employment.

The Latin American pension funds in mandatory individually-funded systems, in turn, amounted to US$ 603,683 million by December 2021 (see Table 2), representing a reduction of -5.4% in the previous 12 months, mainly due to the reduction of pension funds in Chile (-20.1%) and Peru (-26.8%) caused by massive withdrawals of authorized pension funds in both countries. However, the December figure represents a 1.6% recovery in the value of funds compared to the previous quarter, which evidences the professional management of funds by managers in a context of high volatility in financial markets.

Table 1

No. of Contributors in the mandatory individually-funded systems in Latin America

Country Dec. 2020   Sept. 2021   Dec. 2021   Quarterly Var.   Annual Var.
Colombia 6,381,303   6,621,364   6,946,557   4.9%   8.9%
Costa Rica 1,167,647   1,205,473   1,248,015   3.5%   6.9%
Chile 5,508,288   5,705,413   5,927,047   3.9%   7.6%
El Salvador 719,388   767,528   798,057   4.0%   10.9%
Mexico 21,861,950   22,833,147   22,861,961   0.1%   4.6%
Costa Rica (1) 174,48   168,016   175,030   4.2%   0.3%
Peru 3,039,264   3,601,430   n.a.   –   –
Dominican Republic 1,603,485   1,738,419   1,830,601   5.3%   14.2%
Uruguay 819,024   836,827   850,764   1.7%   3.9%
Total (2) 38,235,565   39,876,187   40,638,032   1.9%   6.3%
  • Panama: Data corresponds to the Public Servants’ Individually Funded Pension Savings System.
  • The “Total” figure does not include Peru since there has been no data on contributors to Dec. 2021 to date.
  • Source: FIAP based on the data of the pension regulatory bodies of all countries.

    Table 2

    Funds managed in mandatory individually-funded pension systems in Latin America (Millions of USD at each date)

    Country Dec. 2020   Sept. 2021   Dec. 2021   Quarterly Var.   Annual Var.
    Bolivia 20,998   22,280   22,562   1.3%   7.4%
    Colombia 92,343   88,687   89,878   1.3%   -2.7%
    Costa Rica 12,851   15,086   15,188   0.7%   18.2%
    Chile 213,676   174,281   170,709   -2.0%   -20.1%
    El Salvador 12,452   12,821   12,964   1.1%   4.1%
    Mexico 233,652   241,287   250,593   3.9%   7.3%
    Costa Rica (1) 812   831   839   1.0%   3.3%
    Peru 45,069   30,882   32,996   6.8%   -26.8%
    Dominican Republic 11,107   12,909   13,164   2.0%   18.5%
    Uruguay 16,053   17,344   17,351   0.0%   8.1%
    Total 638,015   594,128   603,683   1.6%   -5.4%

    (1) Panama: Data corresponds to the Public Servants’ Individually Funded Pension Savings System.

    Source: FIAP based on the data of the pension regulatory bodies of all countries.

    For further details on the statistical information of the individually funded systems, please visit: https://www.fiapinternacional.org/en/estadisticas/

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