This document reports on progress in pension matters, factually accurate while maintaining maximum simplicity and brevity.

News highlights in this edition:

	Supervisors advance in regional financial integration of securities markets. They agree on the advantages of regional financial integration, and the discussion on barriers that inhibit growth continues, especially the role of the pension funds. The next meeting will be held in Santiago, Chile.
	Minister of Finance announces Bill of Law to allow the AFPs to invest directly in infrastructure projects. The announcement entails a bill of law that proposes the creation of a third investment category (in addition to the pre-existing fixed income and equities categories) for the fund managers, which would include alternative assets (real estate, private debt and private equity).
	Fitch Ratings expects the pension reform to be implemented in 2016. The government will present the first reformed document in mid 2016, which should provide solutions to the challenges facing the system, equity, fiscal sustainability and greater coverage.
	Strengthening voluntary savings is indispensable.. A combination of incentives is necessary (monetary and non-monetary). Among the proposals are: (i) expand the range of tax incentives for employers; (ii) greater public disclosure of the importance of voluntary savings; (iii) modify  incentives for AFORES to make voluntary savings a priority; and (iv) expand potential universe of savers.
	The very low-risk Zero Fund of the AFPs will be available as of April. New Fund seeks to maintain stable growth with very low volatility (will focus 100% of investments in fixed income);  it is mandatory for members who are 65 and have still not opted for retirement; members can also request to have their resources transferred to this fund after they turn 60.

In order to review the full document, please download it at the bottom of this page.

To review other editions of this report, please visit the following link.