State Council admits nullity lawsuit against the transfer of 25 trillion pesos from AFPs to Colpensiones
State Council admits lawsuit against the transfer of 25 trillion pesos from AFPs to Colpensiones. Photo: State Council
TL;DR
- The State Council has admitted a lawsuit challenging the transfer of 25 trillion pesos from private pension funds (AFPs) to Colpensiones.
- The lawsuit was filed by Jesús Hernando Baena Álvarez against the Ministry of Finance and Public Credit and the Ministry of Labor.
- Andrés Velasco and Senator Paloma Valencia have also taken legal action against the decree allowing the transfer.
- Senator Valencia claims the measure violates legal principles, generates uncertainty among contributors, and constitutes "a blatant theft of Colombians' savings."
- The State Council will now request the administrative records related to the transfer from the defendant ministries.
- The transfer is seen by some as a significant financial move, equivalent to more than one percentage point of GDP.
- President Gustavo Petro has publicly defended the measure.
- The controversy raises questions about the scope of pension reform and its impact on affiliates and the upcoming presidential elections.