The international outlet Lex Latin reported that, after a decade of unsuccessful attempts to provide Chile with a new pension system, the long-awaited reform has finally been enacted this year. While this marks the fulfillment of a long-standing societal demand, the reform has not been without controversy, as many of the changes introduced will be implemented gradually over several years. As a result, some individuals may never experience the intended benefits.

In this regard, María Fernanda Espinosa, labor partner at the Firm, stated: “The incorporation of new players, such as fund management companies (AGFs) and potentially compensation funds, aims to foster greater competition in the administration of pension funds. This could translate into lower costs for affiliates, improved service quality, and increased operational efficiency.”

We invite you to read the article published by Lex Latin by clicking here.