Ministry of Finance Responds to Bank of the Republic and Maintains Transfer of Billions of Resources to Colpensiones
The Government of Colombia responded directly to the Bank of the Republic's questions about the draft decree that seeks to regulate the transfer of resources from private funds to Colpensiones, amid the discussion for the implementation of Law 2381 of 2024.
TL;DR
- The Colombian Government is proceeding with a decree to regulate the transfer of resources from private pension funds to Colpensiones.
- The Bank of the Republic had warned that the initiative could contradict regulations and impact financial markets.
- Over 122,000 affiliates have transferred to the public system since July 2024, with contributions exceeding 25 trillion pesos.
- The government argues that resources remaining in private funds while Colpensiones pays pensions creates a financial imbalance.
- Law 100 of 1993 is cited as the basis for requiring contributions to be within a single regime.
- Potential market impacts are acknowledged, with a proposed solution of negotiating investments in Public Debt Titles (TES) with Colpensiones.
- The government maintains that key provisions of Law 2381 of 2024 remain in force, and Law 100 of 1993 principles will apply during constitutional review.