The OmbudsmanPablo Ulloa, demanded that the Superintendency of Pensions (Sipen) give an explanation to the citizens about the variation or reduction in the balance of their Individual Capitalization Account in the respective Administrators of pension funds (AFP).
“The institution had already required Sipen to detail to AFP affiliates the reasons that have caused this situation without giving them clear information,” the Ombudsman’s Office said in a statement.
Ulloa called for fulfilling the role of regulation, supervision and control of the Dominican Social Security System.
The Ombudsman it also ensured that the AFPs strictly comply with the provisions of Law 87-01 on Social Security and its complementary regulations.
“Social Security is one of the issues with the greatest impact on the population, so it must be fairer and more transparent, in addition to having a more humane meaning,” said Ulloa.
sipen
Given the complaint that there has been a reduction in account statements of members of the Administrators of pension funds (AFP), the Dominican Association of Administrators of pension funds (Adafp) and the Superintendency of Pensions (Sipen) explained the cause of this decline on March 7.
The Adafp and the Sipen maintained that the reduction that occurs in some account statements is the reflection of the conversion to pesos of the values invested in dollars, due to the reduction in the exchange rate.
The National Observatory for Consumer Protection had warned of the decrease in the figure reflected in “the affiliate’s personal account.”
The Adafp explained that the investments of the Pension funds of workers affiliated to the AFPs are made in Dominican pesos and US dollars, which allows diversification by currency.
