Although there are still more than six months until the pension reform that was approved in Congress last semester comes into force, a series of changes are already being made in the system, both by private administrators and by the National Government. , which require a additional effort on the part of citizens who must be informed of what is happening.
The creation of new actors, the transfer that must be made of savers, the regulation of the pillar system and the direction of the resources of the pension system; are some of the challenges that are the horizon when talking about the reform and what is expected in the short and medium term in Colombia.
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It is no secret to anyone that the change in the rules of the game to save and aspire to a pension, which guarantees a dignified retirement, has generated doubts among people and although there is still time for July 1, 2025 to arrive, which is when the new law will officially come into force, it is necessary to do a lot of pedagogy.
This is why private funds recently referred to a key pointey is the possibility and deadlines to jump from one pension fund to another, which will apply only to those who are covered by the transition regime established within the norm and under certain criteria; how to earn more than 2.3 minimum monthly salaries.
Details about your pension fund.
To put it simply, every citizen who is below this level must necessarily go to the savings fund that will be created and from where the resources will come to generate fairer access to pensions, according to the Government. Those above this level will be able to decide only on the surplus, although they have a deadline to do so.
On the other hand, according to article 76 of Law 2381 of 2024 (pension reform), people who have seven hundred fifty (750) weeks of contributions, in the case of women, and nine hundred (900) weeks of contributions, in the case of men, and who are less than ten years away from reaching pension age, will have two (2) years from the promulgation of this present law to change the regime with respect to the previous regulations, prior to double advice.
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“The values contained in the individual savings accounts of the people who make use of this mechanism will continue to be managed by the Pension Fund Administrators until the moment in which the comprehensive old-age pension or the old-age pension of the previous regime is consolidated” , they state this in the Law.
In the case of those who cannot spend all their salary or savingsbut only a part, the reform says that this period began on July 16, 2024 and will extend until January 16 of next year.
Pension reform sanction.
Finally, if a member does not select a private fund before the deadline expires, the rule says that his or her excess contributions will be assigned randomly through a mechanism established by the National Government; although after six months, if they did not make the change in time, they will be able to make the jump to the fund of their choice.
Because of this, experts recommend not leaving the transfer you plan to make until too late, since it involves money. who seek to guarantee a dignified old age and the less they move, the better insured they will be.
