The purpose of this PENSION NOTE is to describe the essential aspects of the proposals to introduce members’ stock bidding in the AFP industry in Chile, a matter that is currently under analysis and
discussion at the technical level, and in the executive and legislative branches.

It also analyzes whether members would really benefit from this policy, and its impact on the pension amounts they could obtain. This is important because the pension reform’s main purpose should be
to improve pensions.

Some possible risks and negative effects of this policy on the contributory pension system are also identified and analyzed, while acknowledging the pressure that said policy would exert on the
reduction of management fees.