The possibility of the plebiscite being approved constitutional reform of the social security systempromoted by the PIT-CNTit is generated that many of the affiliates of the AFAP withdraw their funds early, warned the president of the BPS, Alfredo Cabrera.
Cabrera explained that these are people eligible for retirement who are beginning to withdraw part of their personal savings from the Pension Savings Fund Administrator.
“What is generated is a movement of people in their savings accounts. There is a concern among people who have savings accounts in the AFAPs in relation to the plebiscite,” said the president of the Social Security Bank (BPS) in Arriba Gente on Channel 10. He added that these are “people who have had problems for three years now” retirement cause and they can withdraw 9% from their savings account.”
The leader directly linked these movements with the fear of contributors to lose all their savings invested in the AFAPs in case the social security plebiscite which proposes the PIT-CNT and which, among other points, establishes the elimination of the mixed system.
Cabrera clarified that, although “it is not a problem in financial terms, it does show some concern in people about what will happen to their savingswhich is logical, because what is on the table is a proposal that these savings stop belonging to the person and go to a common fund, so it seems perfectly logical to me that he wants to withdraw at least 9% in the event of losing 100%.”
The intended elimination of the AFAP This would lead to a situation that, legally, could be interpreted as a confiscation of the savings of those who have their pension in an administrator, specialists have warned, triggering multi-million dollar lawsuits against the State.
Ignacio Munyodirector of Ceres, explained that “it is feasible that members will initiate lawsuits for the confiscation of savings managed by the AFAPs,” estimated at 22 billion dollars. In turn, he anticipated that “the AFAPs could do the same, claiming loss of profits for the commissions scheduled until the members retire.”
He also considered that if the initiative is approved, there would be a reduction in private savings, due to the ban. “People with higher incomes will look abroad for alternatives, as international evidence shows,” he said.
Source: Ambito
