2024-05-22 21:43:20
The Financial institution of the Republic has evaluated the potential for assuming the administration of a pension fund, as proposed within the pension reform, and has concluded that the thought is viable below sure strict circumstances. In a letter despatched to the coordinator rapporteur of the Invoice, the Issuer highlighted the necessity for better precision in a number of facets to make sure environment friendly and clear administration of public social safety assets.
The Financial institution burdened that its participation as administrator of the fund have to be clearly outlined within the legislation, framed in its constitutional perform of appearing as fiscal agent of the Authorities. This means that the aim of the fund have to be particular and that the Banco de la República should preserve its operational independence. It mustn’t, due to this fact, turn out to be the administrator or direct financier of pensions or the payer of pension allowances. Moreover, any definition of the Financial institution’s function on this context will need to have the endorsement of the Authorities.
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One other elementary situation is that the Financial institution’s obligations as administrator of the fund have to be considered one of means and never of outcome. It’s essential that it’s clear that within the Common Premium Part of the Contributory Pillar, the obligations for financing pensions and protecting any contingent danger fall on Colpensiones and the Nationwide Authorities, and never on the fund administrator.
The Financial institution of the Republic additionally emphasised that the administration of the fund mustn’t intervene with its missionary capabilities, which embrace the execution of financial, change and credit score insurance policies. The legislation should explicitly set up the prevalence of the Financial institution’s constitutional mandate to protect the buying energy of the forex.
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