For many years, Balances return It has been an exit for Colombians who reach the retirement age without completing The minimum price weeks. Thanks to this mechanism, they can withdraw the money saved in their pension fund, together with the yields and, in some cases, the pension bonus, to use it freely. But, What will it be in the future with the appearance of the semicontributive pillar?
While the Constitutional Court temporarily suspended the entry into force of the Pension reform (Law 2381), initially planned for July 1, this figure will disappear when the new pillars system begins to function fully.
Promoted by the National Government and approved by the Congress of the Republic, The new pension system will be structured in a scheme divided into pillars that aims to diversify financing sources and access taking into account the different levels of protection and contribution capacity of citizens.
In that scenario, those who fail to pension may no longer request the return of balances, but will pass to Semi -antivative pillaraccessing a life income that is composed of 80% of a minimum wage.
The decision of the high court, which found procedural vices in the legislative process of the reform, granted a waiting compass so that those interested can still access the return of balances under the current conditions.
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Colpensiones changes
Source: Istock
How to request the return of balances?
To access the return of balances in the individual savings regime, the following requirements must be met:
• Having reached pension age: 57 years for women and 62 for men.
• Do not have the minimum required 1,300.
• That accumulated capital does not reach to finance a pension equivalent to the minimum wage.
• Not being receiving another pension (For old age, disability or survival).
The procedure has no cost, as mentioned by the Ministry of Justice, and does not require a lawyer and can be done online. The affiliate must file the formal application before your pension fund, which will evaluate the case and issue a answer.
In case of approval, the pension fund will pay you the return of balances depending on the way you choose, fertilizer to the account or check. If the application is rejected, the interested party can request reconsideration to be reviewed again.
While the entry into force of the new pension system is defined, Colombians still have the possibility of requesting the return of balances, but must act soon before the change is definitive.
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Pension reform: benefits, objectives and the semicontributive pillar
Law 2381 of 2024 gave rise to a new integral social protection system for old age that is structured under four pillars: Contributory, semicontributive, solidarity and voluntary. Its purpose is to guarantee decent pensions for all citizens by strengthening the financial sustainability of the system.
The semicontributive pillar will replace the return of balances: those who do not complete the necessary weeks will receive a monthly life income, not inheritable, up to 80% of a minimum wage. Although this change seeks to offer permanent income to more Colombians, it also eliminates the possibility of withdrawing in a single sum the money saved during working life.
The new model aims to expand coverage, integrate those who have had intermittent work trajectories and prevent thousands of older adults from being without protection in old age.
