LatinNews Daily - 17 March 2022

In brief: Petro’s pension reform proposal under fire in Colombia

* Colombia’s association of pension fund administrators (Asofondos) has urged candidates in the 29 May presidential election to be “responsible” and “informed” in their discussion of pension reform, accusing Gustavo Petro, the candidate for the leftist Pacto Histórico coalition, of “lying” about private pension funds. Petro, the current frontrunner in all polls, has called for private pension funds to be transferred into a public fund in order to increase payments to lower earners. Responding to claims by Petro, the president of Asofondos, Santiago Montenegro, said: “it’s not true that [private] pension funds charge commissions of 30% - they’re 3%, the same as in [the state pension system] Colpensiones.” President Iván Duque weighed into the debate yesterday, calling Petro’s proposal an “expropriation” and accusing him of seeking to “take people’s savings and give them back some pocket money in order to finance his populist politics.”

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