Fynsa
The flexibilization of the most popular pension plans in the U.S. reinforces a global trend: allowing workers to access, in a structured way, the benefits of alternative assets. In Chile, the creation of generational funds could be the starting point to move in the same direction and modernize the pension system with greater diversification and better return potential.
These funds dynamically adjust the composition of portfolios according to the age of the members, better aligning investments with the individual's life cycle and risk profile.
Progress is being made in an eventual reform of the pension system, but there is still work to be done to ensure its long-term success.
For CFA Society Chile, a good reform should incorporate gradual increases in the retirement of all workers, promote the institutionalization and sustainability of the system, and tend towards a technical and professional administration of resources.
Given the importance of maintaining a sound capital market, it is crucial to take measures that expand rather than reduce it, as was the case with withdrawals.
It is likely that the focus in the second half of the year will need to be on at least two factors: inflation and interest rates.
