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Struggling between social security and financial stability: the colombian pensional system


  • Ricardo Alejandro Pena Pinzón


The Colombian Pensional System (CPS) is failing to protect the elderly population of the country despite having a large stake in the governmental budget. In face of this crisis the CPS is undergoing a process of transformation towards a neoliberal model, in which the individual becomes the sole responsible of his retirement and the private pension funds displace the public entity Colpensiones. Certain financial organizations like Asofondos and ANIF support reforms aiming to these objectives based on a speech that favors financial sustainability over social security. This paper will attempt to show how the neoliberal speech shapes and defends this way of action. ****** El Sistema Pensional Colombiano (SPC) falla en proteger a la población mayor del país a pesar de tener una participación considerable en el Presupuesto General de la Nación. De cara a esta crisis, el SPC se encuentra en un proceso de transformación hacia un modelo neoliberal, donde el individuo es el único responsable de su retiro y los fondos privados de pensiones desplazan a la entidad estatal Colpensiones. Ciertas organizaciones financieras como Asofondos y ANIF apoyan reformas encaminadas a estos objetivos basadas en un discurso que favorece la sostenibilidad financiera sobre la seguridad social. Este artículo muestra cómo el discurso neoliberal modela y defiende este proceso.

Suggested Citation

  • Ricardo Alejandro Pena Pinzón, 2019. "Struggling between social security and financial stability: the colombian pensional system," Revista Intercambio 17573, Universidad Nacional de Colombia Sede Medellín.
  • Handle: RePEc:col:000538:017573

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    colombian pensional system; social security; Colpensiones; AFP; pensionalreform; neoliberal pensional model;
    All these keywords.

    JEL classification:

    • H44 - Public Economics - - Publicly Provided Goods - - - Publicly Provided Goods: Mixed Markets
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs

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