The pension reform, approved under Law 2381 of 2024, does not introduce changes in the Voluntary Pension Funds, in fact, they are becoming more relevant by becoming an attractive alternative to complement the mandatory pension that the majority of Colombians will build in Colpensiones with the new law, making voluntary savings a priority to close the pension gap.
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Looking at the new pension model, AFP Porvenir said that it is expanding the offer of products focused on long-term savings, designed so that people who will be part of the new law have savings vehicles that allow them to reach their moment. retirement with a pension that adjusts to your life needs.
Juan Pablo Náder, national manager of Porvenir Voluntary Pensions, explains how the Voluntary Pension Funds work and their benefits to improve the living conditions of people in their old age.
What are voluntary pensions?
Voluntary pensions are a means to prepare financially for the future, allowing specific savings and investment goals to be met through products adjusted to the client’s profile and term.
How does the pension reform impact the Voluntary Pension Funds?
Law 2381 of 2024 establishes that the provisions contained therein will not affect the Voluntary Pension Funds. These funds continue to be an option for those who want to supplement their mandatory pension while maintaining the tax benefits that have always made them attractive.
Why is saving so important with the new reform?
Most Colombians will build their pension on the average premium component. In this scenario, voluntary savings becomes an essential tool to reduce the income gap at retirement; The fact that the younger you start this saving, the effort of the monthly payment will be less compared to someone who starts saving voluntarily after the age of 50 is relevant.
Voluntary Pension Funds, in addition to being a savings vehicle, would become an alternative that makes it easier for savers to meet the minimum pension requirements under the new standard, assuming that, in this scenario, savers could have the possibility of using your voluntary savings as a mechanism to obtain your pension.
Who can access the Voluntary Pension Funds?
Anyone looking to supplement their pension, save for housing or education, build capital, invest long-term or obtain tax benefits. The person who wants to save must take into account the needs, goals, objectives they want to achieve, the budgeted period to achieve them and their profile (which refers, among other variables, to the risk tolerance they are willing to assume).
Is it necessary to make this saving in the same pension fund?
No, voluntary savings are made in a Voluntary Pension Fund, this fund is in any case independent of the fund where mandatory pensions are managed. Therefore, when a person chooses to contribute their mandatory pension to a management company, they may have products in the Voluntary Pension Fund of their choice even if it is not managed by the same company that they chose to manage the surplus of their pension. mandatory.
Can contributions be withdrawn at any time?
Contributions can be withdrawn at any time, depending on the specific conditions of each portfolio. It is important that when investing your resources in one of the portfolios offered by the Porvenir Voluntary Pension Fund, you pay attention to its characteristics, since there are open portfolios, where the withdrawal of contributions is free; and closed, where the withdrawal of contributions may depend on dates, an established period or the fulfillment of a condition.
Why is it ideal to supplement the mandatory pension?
Because it is the opportunity to improve the pension benefit that the worker will receive at the end of their employment period. Keep in mind that the Comprehensive Old Age Pension will be made up of the value determined in the Average Premium Component (Colpensiones) plus the value determined in the Complementary Individual Savings Component (whatever is saved in administrators such as Porvenir) if if this occurs, and it will be a single comprehensive pension.
The manager reiterates that the pension reform generates relevant changes in the way Colombians will retire, which is why Porvenir members have at their disposal a team of professionals ready to resolve all concerns and provide support in pension planning through of voluntary pensions.
See more: Double advice with new pension: what it consists of and who can request it
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