translated from Spanish: Pension Superintendency: “Withdrawing funds will mean that those same people do not have the resources” to finance their retirement

After the Antofagasta Court of Appeals authorized the withdrawal of AFP funds for a retired teacher, the Superintendency of Pensions stated its position by noting “the desirability of maintaining the planned savings for the sole purpose of financing pensions at the time of retirement”.
“The Chilean State has a social protection system that provides for a number of benefits and benefits in various contingencies,” the Superintendency argued in relation to other financing needs faced by citizens, due to the decrease or loss of income.
According to Emol, the SP emphasized that “this network has also incorporated new measures and support tools according to the different junctuations, as is currently the case with the health and economic crisis”.
“The Superintendency of Pensions understands the needs of people, emergencies and the reasons for seeking income that will allow them to face difficulties. However, we believe that withdrawing pension funds will mean that, in the long run, when financing their pension, those same persons do not have the resources to do so or that they are insufficient, necessarily requiring State aid.”
In that regard, they noted that “anticipating withdrawal of funds results in people being weaker and, in general, their condition more vulnerable, end up drastically depleting or extinguishing what will likely be their only income, such as pension.”
Despite this, the SP considered that the withdrawal of funds for the terminally ill “is reasonable”.
“The Superintendency does consider the case of withdrawal of funds for the terminally ill to be attainable in this matter, because unfortunately for these people the life expectancy is very low and it would be right for them to be able to withdraw their resources more quickly,” they say.

Original source in Spanish