translated from Spanish: D.C. MPs pushed back vote against government-driven project that amends AFPs investments

On Wednesday, Deputies of the Christian Democracy referred to the government-driven bill that reduces the requirements of AFPs to invest in higher-risk alternative assets, which has already been approved by the Senate and will be seen by the Lower House Finance Commission next week.
In this regard, they classified it as a project containing «unacceptable and risky rules for AFP contributors».
On the project, Deputy Head of The Bench, Mp Gabriel Silber, said: «We all know that retirements are miserable, and that the profits of AFPs have been millionaires at the expense of workers. Managers who have raised fortunes for their owners for decades in a rude way. We cannot also extend the investment limit, as the government proposes, to go out and rescue large companies by putting the savings of millions of contributors at risk. That, besides being unacceptable, is a direct blow to future pensions. Who will answer to that? The workers again? We are not available to endorse this rescue.»
The project considers an extension to the limit from 15% to 20% investment in alternative instruments.
«The only sensible thing to do is to make every effort to improve pensions and not to risk them. In the present moment we live, not only does it not seem appropriate to us, but frankly we are concerned. It would be advisable to have the urgency removed in order to work on it, closing all spaces that could pose a risk to workers in terms of their funds in the AFPs,» added head of bank, Daniel Verdessi.
«We cannot legislate to provide faster and cheaper financing to large companies with pension fund money; has no introduction; on the contrary, that goes against everything that is supposed to be the ethics of pensions and worker protection,» he concluded.

Original source in Spanish

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