Asofondos demands the Court define the future of pension reform
The private pension fund industry in Colombia, Asofondos, has requested the Constitutional Court to make a definitive decision on pension reform, amid the legal uncertainty that has surrounded its implementation for nearly two years. The organization warned that there are currently more than 13 lawsuits against the norm, as well as requests to completely suspend the regulatory decree.
TL;DR
- Asofondos has asked the Constitutional Court for a definitive decision on Colombia's pension reform.
- There is significant legal uncertainty surrounding the reform's implementation, with over 13 lawsuits and suspension requests.
- The Council of State previously ordered the provisional suspension of transfers of 25 trillion pesos for 120,000 members moving from private to public pensions.
- Asofondos argues that current regulations require pension savings to remain with Pension Fund Administrators (AFPs) until pension rights are consolidated.
- This policy aims to preserve the long-term nature of pension savings and support public debt market stability.
- The organization insists the ruling is crucial for legal certainty, protecting savings, and ensuring the stability of the pension system.