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Recomendaciones para la modificación del régimen de pensiones obligatorias de Colombia

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Author Info

  • 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.

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File URL: http://www.banrep.gov.co/sites/default/files/publicaciones/archivos/espe_056-3.pdf
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Bibliographic Info

Article provided by BANCO DE LA REPÚBLICA - ESPE in its journal ENSAYOS SOBRE POLÍTICA ECONÓMICA.

Volume (Year): (2008)
Issue (Month): ()
Pages:

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Handle: RePEc:col:000107:005289

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Related research

Keywords: regulación de los fondos de pensio-nes obligatorios; fronteras eficientes; multifondos; portafolio de referencia.;

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Cited by:
  1. 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.
  2. Alejandro Reveiz & Carlos León, . "Efficient Portfolio Optimization in the Wealth Creation and Maximum Drawdown Space," Borradores de Economia 520, Banco de la Republica de Colombia.

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