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As the Ministry of Finance, Ignacio Briones, had advanced in Pulse Domingo, his portfolio announced this morning that he finally presented a bill to regulate transfers between types of pension funds, “in order to avoid losses that end up being reflected in a decrease in pensions and protect the stability of the financial market ”.
This is amid the suspicions generated by the business model of firms such as Felices y Forrados, whose recommendations for fund changes usually have an impact on the price of the dollar and are not regulated.
“The initiative arises in the context of massive requests for transfers between the different types of pension funds, which has been accentuated during the year 2020. Each of these massive changes has generated operations flows close to US $ 5 billion, with the consequent impact on the exchange rate and asset prices, ”Teatinos 120 said in a statement.
This project tasks the Superintendency of Pensions, the regulator that must establish the procedures and deadlines for transfers between types of funds and regulate transfers of funds through any of the following ways:
1. Allow affiliates to make up to two fund transfers in a calendar year, between any type of fund, or;
2. Allow only transfers between adjacent funds, every time the affiliate requests it.
These regulations significantly restrict the scope of action of firms such as Felices y Forrados, which usually make several recommendations for changes in funds, especially this year.
The Treasury specified that the limitations will not apply to the voluntary savings account, voluntary contributions or agreed deposits, nor with respect to affiliates at the time of retirement, who may only choose without restriction for funds C, D and E.
Additionally, he informed that the transfer requests made prior to the entry into force of this law will be governed by the regulations in force on the date of the request.
In an interview with Pulso Domingo, Ignacio Briones was asked if he was concerned about the recommendations made by Felices y Forrados. And although he did not name them directly, he acknowledged that he is concerned about the lack of regulation of pension advisers.
“The indiscriminate changes of funds, without any regulation, generate not only lower returns that affect the construction of a pension, but also negative effects for the rest of the affiliates,” he said in the interview.
This initiative promises to generate discussion in Congress. In fact, the interview generated an immediate debate in Valparaíso and the opposition showed different positions.
