Minister of Finance assured that individual pension savings cannot be used for other purposes “including public spending”

After President Iván Duque announced on Monday, April 4, that private pension funds, affiliated to the National Association of Pension Funds (Asofondos), will invest $4.5 billion in new infrastructure projects, and that he questioned candidate Gustavo Petro's proposal to pass on the savings of pensioners to a public fund, the Minister of Finance, José Manuel Restrepo, assured in dialogue with Blu Radio that resources for individual pension savings cannot be used for other purposes because they are owned by savers and, therefore, are not freely used.

Next, the head of the Treasury portfolio indicated to the same media that, although “we must surely reflect on the pension system” in Colombia, the important thing is that it should be understood at all times that they are “public resources” and that they should always go “to the benefit of potential pensioners”.

“What we expect as future pensioners in this country, I also say this because I am also a saver of an individual savings scheme, is that our resources are managed in the best possible way so that when we retire we receive the best pension,” said Minister José Manuel Restrepo.

In this regard, the head of the Treasury portfolio called on Colombians at Blu Radio's microphones not to misunderstand the message of pension funds and Asofondos, since he said that what they want is to “privilege investments that allow workers and savers more profitability.”

After the meeting between President Iván Duque and the Colombian Association of Pension and Unemployment Fund Administrators (Asofondos), the president reported that the $4.5 billion in workers' savings will go to infrastructure projects that will increase Colombia's road coverage and connectivity.

According to President Duque, the investment will be made in companies that specialize in the development of interconnection infrastructure and the development of energy projects. According to the Presidency, these companies include Interconexión Eléctrica S.A. and Ecopetrol.

“I want to emphasize that, when you look at all the equity investment in companies in our country, which are no longer only in the infrastructure sector, but are also in all other sectors, we are talking about more than $64 billion. The most important thing is that the projection for the next ten years is that these investments may exceed, in the next decade, $174 billion,” said the national president.

Likewise, the head of state announced that the national government also expects that, with this capital, investment will also be made in projects to adapt to climate change.

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