Alejandra Cox, president of AAFP Chile: “The bill that has just entered Congress would establish a new mandatory contribution to be allocated to a collective solidarity fund. This is a fundamental change to the existing system in which mandatory contributions have gone entirely to individual accounts, and where solidarity has been financed by general taxes. Moreover, if the bill is approved, the collection, account management, members care, and pensioners care would be centralized in a public body. The AFPs, which have been responsible for these functions by legal mandate for more than 40 years, would cease to exist. The centralization of the system contributes to monopolizing the administration of funds and is unlikely to lead to cost savings, as the government has suggested. A new autonomous public fund manager would…”