This document (only available the Spanish version) argues that establishing a system of Notional Accounts in pensions would be a setback for Chile, mainly because:

1. These types of accounts are used to smooth the cost of the transition to individual savings. Chile already paid that cost in the 80s.
2. The return earned on pension funds would be lost.
3. National savings would be lost, which allows companies and individuals to have a cheaper cost of financing.