The reasons that led Banrepública to say that the transfer of pension savings to Colpensiones would be illegal
Portafolio Journalist 03/19/2026 05:50 Updated: 03/19/2026 06:49
TL;DR
- The Bank of the Republic has raised concerns about the legality of a government decree proposing the transfer of nearly $25 trillion from pension funds (AFPs) to Colpensiones.
- The central bank argues the decree violates Article 76 of Law 2381 of 2024, which stipulates that individual savings accounts should continue to be managed by AFPs even after a change in regime.
- The draft decree mandates AFPs to transfer all affiliate resources, including capital and yields, to Colpensiones within fifteen business days, a move the Bank considers beyond regulatory authority.
- The legal uncertainty is compounded by the partial suspension of Law 2381 of 2024 by the Constitutional Court.
- The Bank warns that a rapid, large-scale transfer of these funds, mostly invested in public debt securities, could negatively impact local financial markets, especially the TES market.
- The proposed decree faces both legal hurdles and potential risks to the stability of the pension system and financial markets.