The industry association took part in the process led by the CMF to adapt the regulations, which obliges fund managers to adapt their systems and have them operational by December 1, 2025.

The investment regime, including alternative assets, should be operational on July 1 together with start-up of the pension reform.

Returns for a pensioner could drop by an estimated 12%.

This move places the Colombian government in direct competition with former AFPs.

His experience in the Chilean pension system was considered critical for dealing with the challenges of the new pension system approved in Colombia.