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Recomendaciones para la modificación del régimen de pensiones obligatorias de Colombia

Author

Listed:
  • Alejandro Reveiz
  • Carlos León
  • Juan Mario Laserna
  • Ivonne Martínez

Abstract

Este documento evalúa la regulación vigente relacionada con la administración de los portafolios de los fondos de pensiones obligatorias (FPO) en Colombia. Con base en investigaciones previas de los autores y en el análisis de este documento, se concluye que el régimen aplicable a los FPO requiere de ciertas modificaciones. Los principales cambios consistirían en: i) ampliar el régimen de inversiones de los FPO, ya que impide a los administradores acceder a niveles superiores de retorno por unidad de riesgo con mayores beneficios de diversificación; ii) adoptar un esquema de multifondos, el cual permitiría al administrador ofrecer portafolios que repliquen el perfil de riesgo del afiliado, y iii) reformar la fórmula de rentabilidad mínima y de remuneración al administrador, por cuanto incentivan estrategias de inversión ineficientes. Los autores consideran que con estas modificaciones se logra alinear de mejor manera los incentivos económicos de los aportantes y de los administradores, lo cual resultaría en un sistema pensional más eficiente.

Suggested Citation

  • Alejandro Reveiz & Carlos León & Juan Mario Laserna & Ivonne Martínez, 2008. "Recomendaciones para la modificación del régimen de pensiones obligatorias de Colombia," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 26(56), pages 78-113, June.
    • Handle: RePEc:col:000107:005289
    DOI: 10.32468/Espe.5603
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    References listed on IDEAS

    as
    1. Mr. Jorge A Chan-Lau, 2004. "Pension Funds and Emerging Markets," IMF Working Papers 2004/181, International Monetary Fund.
    2. Diego Jara, 2006. "Modelo de la regulación de las AFP en Colombia y su impacto en el portafolio de los fondos de pensiones," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 24(52), pages 162-221, December.
    3. Diego Jara & Carolina Gómez & Andrés Pardo, 2005. "Análisis de eficiencia de los portafolio pensionales obligatorios en Colombia," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 23(49), pages 192-239, December.
    4. repec:bdr:ensayo:v::y:2005:i:49:p:192-239 is not listed on IDEAS
    5. Oecd, 2006. "OECD Guidelines on Pension Fund Asset Management," Financial Market Trends, OECD Publishing, vol. 2006(2), pages 171-187.
    6. Oscar Martínez A. & Andrés Murcia Pabón, 2007. "Desempeño financiero de los fondos de pensiones obligatorias en Colombia," Temas de Estabilidad Financiera 022, Banco de la Republica de Colombia.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Alejandro Reveiz & Carlos León, 2010. "Efficient Portfolio Optimization in the Wealth Creation and Maximum Drawdown Space," Palgrave Macmillan Books, in: Arjan B. Berkelaar & Joachim Coche & Ken Nyholm (ed.), Interest Rate Models, Asset Allocation and Quantitative Techniques for Central Banks and Sovereign Wealth Funds, chapter 7, pages 134-157, Palgrave Macmillan.
    2. repec:idb:brikps:365 is not listed on IDEAS
    3. Javier Alonso & Carlos Herrera & Claudia Llanes Valenzuela & David Tuesta, 2010. "Simulations of long-term returns and replacement rates in the Colombian pension system," Working Papers 1029, BBVA Bank, Economic Research Department.

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    More about this item

    Keywords

    regulación de los fondos de pensio-nes obligatorios; fronteras eficientes; multifondos; portafolio de referencia.;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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