Local distributors gamed out the winners and losers if AFP affiliates are allowed to redeem 10% of their positions. ETFs and illiquid investments such as private equity could suffer most.

Unexpectedly, the bill gained the support of right-wing parliamentarians, threatening the stability of the individually funded system.

A law allowing withdrawal of 25% of pension savings is having a serious impact on AFP portfolios.

Though the Supreme Court can still weigh in , an appeals court ruling ordering AFP Cuprum to hand over to an affiliate all of her retirement savings has rattled the industry.

The Pension Superintendent said cross-border real-estate and infrastructure products will be classified as fixed-income investments, which should make them more attractive for AFPs.