The Government says it has five ‘locks’ that guarantee the security of the funds of the Pension System

There are five legal locks established in the national regulations that protect the resources of contributors to the Comprehensive Pension System (SIP), the Long-Term Social Security Public Manager reported this Friday. The state entity notes this protection after several sectors demanded to be part of the board of directors of that public entity considering that the Government will mismanage the Comprehensive Pension System (SIP) fund.

Through a note released by the ABI agency, the Manager said that the first lock establishes that the contributions are autonomous assets and that the only destination of the resources is investment to generate returns; and subsequently, finance the retirement pension.

Until July of this year, according to the Supervision and Control Authority of Pensions and Insurance (APS) SIP resources reached US$ 23,401 million. Currently, these resources are managed by the Pension Fund Administrators (AFP), which will finish transferring the data to the Public Manager until May 2023.

The second legal lock implies that the contributions of the workers are permanently supervised by the APS.

The third security barrier means that contributions are subject to social controlopenness and transparency towards public accountability.

The fourth establishes that the resources are controlled by the retiree, as insured. Only the beneficiary can access their resources when processing their retirement pension.

The fifth padlock refers to contributions are subject to an external audit, in addition to audits of accounting management by private entities that must be presented to the Presidency of the State, the Plurinational Legislative Assembly (ALP), the Ministry of Economy and Public Finance, the Comptroller General of the State (CGE) and must be published through all media.

The Public Manager began the registration of new policyholders and employers in the SIP on September 9 of this year and since that date up to the 30th of that month, it reported 1,684 completed registrations.

For more information, the digital page www.gestora.bo, the free line 800101610, the WhatsApp number 67195524 or any of the 31 offices installed throughout the country are enabled.

In previous statements, the manager of the Manager, Jaime Durán, assured that “With this entity, contributions for retirement are safer than with a private company”, due to the different regulation and inspection controls.

However, sectors such as mining, manufacturing and teachers question the government’s management. They fear that these resources will be used to cover the expenses that the State has. In that sense, they asked to be part of the board of directors of the state entity to supervise.