Mariano Machado, principal analyst for the Americas at Verisk Maplecroft: “Chile’s pension reform addresses key demands from the 2019 protests but stops short of structural change. The main change is the introduction of a mixed system, moving away from a purely private, individual capitalization model. Key shifts include higher employer contributions (to 8.5 percent), a new social security mechanism to reduce systemic inequalities and increasing the universal pension to benefit 2.8 million retirees. The multi-fund system will be replaced by generational funds, reducing risk exposure as retirement approaches. Among the most debated aspects was the split of current pension fund administrators (AFPs) into separate administrative and investment entities, while allowing new players into the market. This means that, while definitely a step forward, the reform’s incremental approach leaves room for continued social and political pressure for…”