On January 16, the deadline was met for Colombians who earn more than 2.3 minimum wages ($3.2 million) per month to choose the Administrator of the Complementary Component of Individual Savings (Accai) in which they want to keep their money. their work that they will use to retire in the future, under the new parameters of the pension reform that will take effect from July.
Although it was a process that took little time and had little pedagogy and dissemination from the National Government, in the private pension funds, which began the year accrediting themselves as Accai, indicated that the four firms that are already administrators (Colfondos, Porvenir, Protección and Skandia) have a positive balance of records.
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This union noted that about half of the workers who could choose their complementary savings administrator completed the process before midnight on January 16 and registered in one of the four authorized Accai.
Taking into account that the Accai were regulated on December 31 and that after that, the AFP met the qualification requirements in record time, Colombians had less than a week to choose their administrator, in the midst of a panorama that had little dissemination and promotion from entities such as Colpensiones or the Mintrabajo.
What is the procedure to know your pension status.
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“A group of 447,000 workers who met the requirements to choose Accai had been identified. Given that there was little time, only seven days, for about half of the authorized population to have completed the due analysis and the respective procedure, it allows us to conclude that the balance is positive,” highlighted Andrés Velasco, president of Asofondos.
In this sense, Velasco highlighted that to a large extent, this balance is due to the preparation timely information that the Pension Fund Administrators (AFP) made prior to being authorized as administrators and that, as established in Law 2381 of 2024 (pension reform), only those workers who earn more than 2.3 SMMLV must have their account. individual by an Accai.
“Contributions to these accounts will be made when the law comes into effect (July 1, 2025), on the income of workers that exceed the threshold, which for 2025 is 3,274,050 pesos per month. This savings and its returns will complement the pension that Colpensiones will provide once the time comes for the worker to retire,” reported the President of Asofondos.
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Specifically, according to the AFP balance sheet, there were 212,428 Colombians who completed the process of entering the Accai page who wanted it to manage the surplus of their pension savings and asked to be included in its database. If we take into account that according to Colpensiones, The goal was 447,512, it can be said that there was 47.4% compliance.
It should be remembered that this process applied to members of Colpensiones who make pension contributions for more than 2.3 minimum monthly salaries and have contributed less than 750 weeks if they are women, or 900 weeks if they are men, leaving them outside the transition regime. . These people had to decide where to contribute that surplus, to build their complementary savings among the first four Accai authorized on January 9 by the Financial Superintendency.
Only in the case of Porvenir, this administrator announced that after the deadline (January 16, 2025) for Colpensiones affiliates to select the administrator of their complementary savings for their pension, 102,289 workers They chose Porvenir as their ACCAI, representing 48% of industry-wide memberships.
Miguel Largacha Martínez, president of Porvenir, points out that: “we have been preparing since the discussion of the pension reform began to respond to all Colombians, designing a communication and financial education strategy through which we respond with transparency. and clarity to the citizens’ frequently asked questions, in addition, we have been preparing technologically to address these new processes.”
Random choice
Regarding the members who were unable to make a decision, will have their Accai assigned randomly by the National Government, a process that begins at the beginning of March and includes again all workers affiliated with Colpensiones with less than 750 weeks (women) and 900 weeks (men) who have ever contributed to their working life above 2.3 minimum monthly salaries.
All of them have the right to a bonus issued by Colpensiones, which will be allocated to their individual savings account to complement their pension allowance, given that the law allows them to change Accai every six months. Once this period has elapsed, counting from July 1, 2025, when the law comes into force, members may change administrators, if they wish.
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“These first Accai are administrators with extensive experience, more than 30 years in managing the pension savings of 20 million workers and with excellent results in terms of security, investments and returns for their members. This can be seen in his extracts, when analyzing the medium and long-term time windows,” said Andrés Velasco.
However, we must not forget that Colpensiones recently presented its letter of intent to the Financial Superintendency to become Accai as soon as possible and is in the process of submitting the required documents to qualify for this segment of the pension system.
Long lines at banking entities were common among pensioners.
Private file
“The management of the private Administrators has been outstandingFurthermore, in the analyzes that the OECD provides annually on the performance of the pension funds of its member countries,” Velasco concluded.
In accordance with what was agreed for the new pension system, which will govern pension fund management companies, trust companies, life insurance companies, stock brokerage companies, Colpensiones and authorized non-profit entities. and monitored by the SFC, may apply to be part of this group.
However, the Superfinanciera warns that they must have the respective authorization of that entity and comply with the capital, corporate governance and operations defined in the same Law and in Decree 1558 of 2024.
