People who earn more than 2.3 minimum wages must choose an ACCAI.
The pension reform of the Petro Government bring with it some changes, one of the most important is for those people who earn more than 2.3 minimum wages, who have to choose a private pension fund before a certain date. Here we tell you what happens if you don’t choose any fund.
The contributory pillar, introduced with the pension reform, establishes a model that transforms the way in which Colombians access a pension. According to Colpensionsthis seeks to eliminate competition between public and private regimes, allowing them to work in a complementary manner to guarantee a pension to members. This scheme includes the majority of Colombians who contribute to a pension and whose income is between 1 and 25 current legal minimum wages.
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Membership in the contributory pillar is mandatory for all people who work as dependent, independent employees or capital earners. In this model, contributions up to 2.3 minimum wages will be allocated to Colpensiones, while income that exceeds this threshold (known as Contribution Base Income or IBC) must be managed by a private fund, which will manage this complementary component within the contributory pillar.
In essence, the contributory pillar establishes a collaborative system where contributions are distributed among Colpensions and the private fundss, depending on the affiliate’s income level.
With the entry into force of the pension reform, people who earn more than 2.3 current legal monthly minimum wages (equivalent to $3,274,050 in 2025) and who are not covered by the transition regime must contribute both Colpensions as in a fprivate fund called Administrator of the Complementary Component of Individual Savings (ACCAI).
Also read: Changes in the pension: women will be able to contribute fewer weeks from this year in Colombia
What happens if I don’t choose a pension fund before the deadline?
The ACCAI (Administrators of the Complementary Component of Individual Savings) They are accounts designed to manage the contributions of workers affiliated with Colpensions whose income exceeds 2.3 current legal minimum wages (approximately $3.2 million in 2025). These accounts complement the pension, managing surpluses that are not managed directly by Colpensiones.
People forced to choose a ACCAI are those with income above this threshold, especially those who begin their working life before the June 30, 2025. For their part, current members of private funds such as Colfondos, Porvenir, Protección and Skandia do not need to make this choice, since these AFPs will act as their ACCAI automatically.
The deadline for affiliates to choose their ACCAI expires January 16, 2025. If they do not make a decision before this date, the Surpluses from your contributions will be randomly assigned to a private fundas established by the National Government. Starting March 1, 2025, those who have not chosen will be automatically linked to the assigned fund, and starting July 1, 2025, their contributions will begin to be distributed among Colpensiones and the selected ACCAI.
Source: Digital Integrated System
