With the filing of the pension reform project in Colombia, it began its debate in public opinion. The Ministry of Finance and Public Credit joined the discussion and presented an analysis according to which the project would reduce pension liabilities. This, measured as the net present value of the deficit of the contributory and semi-contributory pillars of the old-age protection system.
It should be clarified that the concept of pension liability refers to the obligations made up of pension bonds, the value corresponding to mathematical pension reserves and the shares of bonds and pensions.
Thus, the ministry concluded that, with the implementation of the pension reform, the net present value of the deficits in 2070 could be reduced from 67.5%, in a scenario without reform, to 55.2% of GDP.
According to the analysis of the Portfolio, this favorable effect is explained thanks to the new flows of resources that Colpensiones will obtain with the reform, the elimination of relatively high pension subsidies and the implementation of a savings fund that allows responsible management. to the resources of the pension system.
