The Superintendency of Pensions (Sipen) will appeal the decision of the Superior Administrative Court (TSA) that orders that body to instruct the restitution of securities allegedly stolen from the members of the Administrators of Pension funds (AFP), considering that it lacks legal foundations and little knowledge of the subject.
The superintendent of Pensions, Ramón Contreras Genao, assured today that at “no time have the funds of the affiliates been touched or subtracted” and that the decrease in economic terms in the individual capitalization accounts (CCI) responds to a variation in the cost effectivenessproduct of the appreciation of the peso against the US dollar, a situation that has been experienced consecutively.
The first room of the TSA issued judgment number 030-02-2022-SSEN-00327, on August 3, 2022, in which it ordered the Superintendency to comply with article 105, instructing the restitution of some 8,500 million pesos allegedly subtracted from the contributors of the Pension funds during the first three months of the current year.
“As we have reiterated on countless occasions, there have been no subtractions from the CCIs of any member of the pension system, as indicated by those acting. What was registered in the month of February was due to conjunctural situations, typical of the financial markets and the behavior of external variables that affect the valuation of financial instruments in an organized capital market, in development, such as that of our country”, Contreras said at a press conference.
He specified that the resources accumulated in the Pension funds they constitute the main national savings, contributing to the development of sectors such as tourism, energy, industries, among others, which have generated positive externalities in the Dominican economy, being an important part of economic stability.
The result of the COVID-19 pandemic and the current geopolitical situation at the international level have caused an impact on the prices of all markets in the world, one of the most affected being the capital market, causing a variation in the prices of financial instruments, which implies a loss of the cost effectiveness generated by the investments,
He argued that the cost effectiveness real of the Pension funds has remained above cost effectiveness system minimum. In this sense, he assured that “there is no pension fund that is below the cost effectiveness minimum required, an essential condition in accordance with the provisions of the law, so there is no possibility that the resources are used for purposes other than those established in Law 87-01.
