InstitutionClaim Cited
Chile's individual-account pension system
Chile's 1980 pension decree made compulsory worker-funded accounts administered by private AFPs the center of retirement provision. The account attributed contributions and investment balances, but pension amounts remained exposed to wages, contribution density, fees, returns, retirement age, and longevity. State-financed benefits created in 2008 and 2022 and employer-financed pooling enacted in 2025 turned that architecture into a hybrid whose newest effects remain largely prospective.
Can mandatory individual ownership produce adequate retirement income across unequal working lives, or must a pension institution pool the risks that an account records but cannot correct?