In the midst of the national debate over the changes brought about by the pension reform, more and more workers are looking for alternatives that allow them to retire earlier or maintain the conditions they had before the new system came into effect. Some of these options have existed for years and others have gained prominence as protection mechanisms against the new contribution rules.
One of the most talked about figures is the early pension, typical of the individual savings regime (RAIS); a modality that allows a member to retire without reaching age or minimum weeks, as long as they have accumulated enough capital to finance a pension equivalent to 110% of the current minimum wage.
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In other words, it is a withdrawal based on the strength of the savings and not on the time contributed, which makes it an attractive alternative for those who wish to become independent from the pace of reforms and guarantee their economic stability.
According to Andrés Felipe Izquierdo Aguiar, general manager of Integral Soluciones Pensionales (ISP), this figure has become a refuge from the new provisions that force those who earn more than $3.27 million to contribute to Colpensiones up to that limit, to which he explains that “this measure reduces the capitalization capacity in individual accounts and, consequently, the final amount of the allowances.”
Pension savings in Colombia is one of the most important issues of the pension reform.
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For this expert, the attractiveness of this option is twofold since on the one hand, it ensures a lifetime income calculated with the capital that the member already has, without depending on new weeks of contributions and on the other, it allows him to suspend the payment of the 16% of the salary allocated to pension contributions, which represents greater immediate liquidity.
Although not all affiliates meet the necessary capital conditions, experts agree that there are more than believed who could access this benefit and that with technical support that evaluates variables such as age, life expectancy, consumption and accumulated amount, this decision can become an estate planning tool.
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Benefited workers
Parallel to this figure, there are other established early retirement modalities in the general regime, especially for those who carry out activities considered high risk or who have lost part of their work capacity. In the first case, since 2003 there has been a rule that allows pensioning at age 55, regardless of gender, as long as 1,300 weeks of contributions are met.
Additionally, the age for special old-age recognition can be reduced by one year for every additional 60 weeks contributed, without said age falling below 50 years. This benefit applies to workers whose work involves a significant level of exposure or danger, such as miners, firefighters, Inpec employees, air traffic controllers or those who operate in environments with ionizing radiation or carcinogenic substances.
For now, the pension reform is in limbo and has not been able to be implemented.
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For these cases, the employer must have paid a special contribution, which was an additional 6% until 2003 and an additional 10% since then, contribution which recognizes Colpensiones as the only administrator authorized to process this advantage.
In the case of disability pensions, the benefit is granted to people who have lost at least 50% of their working capacity due to an illness or accident, and who therefore can access early recognition of their allowance.
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Thus, with the reform still in the process of implementation and in the midst of the legal uncertainty that surrounds it, figures such as the early pension or the high-risk regime are consolidated as mechanisms key to guarantee economic stability and autonomy in the face of changes in the system.
However, according to experts, it is necessary to obtain advice before taking any step, since each case requires a particular study.
DANIEL HERNÁNDEZ NARANJO
Portfolio Journalist
