Why Colpensiones has more affiliates than private funds

Why Colpensiones has more affiliates than private funds

In the middle of presidential debate held this Wednesday, March 30, by EL TIEMPO y Semana, France MarquezGustavo Petro’s vice-presidential formula, ignited the debate due to the difference in the number of members of the public pension fund versus the private pension fundafter the question that was asked of ‘doesWhy are there fewer pensioners in a system where people are contributing more?’

(We recommend: Five keys to knowing how to read your pension statement).

The candidate for the Vice Presidency emphasized that “Colpensiones has 1.5 million pensioners, but only 2.5 million affiliates as active contributors, while private funds have 247,000 pensioners, but have 6.5 million active contributors”.

Although Márquez speaks of around 4 million members of Colpensiones, the official balance of the entity, with a cut to January 2022, speaks of 6,783,000 affiliated people.

FOR WHAT IS THIS? THIS IS SAYING THE EXPERTS

Daniel Wills, Technical Vice President of Asofondos, explained that, on average, the people who listed in private pension funds they are 35 years old, so they are not yet of pensionable age. This added to the fact that private funds have been in operation for 27 years.

(See: This is how pension savings schemes work in the country).

While Colpensions operates since 1945adding that it changed its name since the liquidation of the Social Security Institute, from which reserves were extracted for use by the Government for other purposes, according to Wills.

In addition, it clarifies that due to the short time of operation that private funds have, barely in the last 5 years is that contributors have been taking regular pensions, since it allows them to retire with a little over 22 years of contributionstaking into account a minimum monthly salary.

According to the Technical Vice President of Asofondos, private funds pension a annual rate of 18% compared to 4% in Colpensiones, that is to say, that the former pensions faster.

(Also read: Pension bonus: who is entitled and who pays it?).

For his part, the director of the firm How I Pension, Marcelo Duque, explained that people prefer to contribute where they get the best pension, so there is a mass transfer to Colpensiones when generating “uno big difference in the allowances of people with higher incomes”.

TIME

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