Lawmakers Clash Over Project to Compensate Pension Savings Losses Amidst AFP Controversy

Original article: “Bancada de las AFP”: Santana dispara contra republicanos y el PNL por rechazar tramitación de proyecto para restituir ahorros previsionales perdidos

Referring to the opposing lawmakers as the «AFP caucus», Deputy Juan Santana (PS) criticized members of the Republic Party and the National Libertarian Party (PNL) for rejecting the legislative process of the «Devuelvan la Plata» bill, which seeks to restore lost pension savings and received backing from the Chamber of Deputies this Monday for its admissibility.

This initiative, driven by Deputy Luis Cuello (PC) and Senator Daniel Núñez (PC), emerged in response to the crisis resulting from massive losses of pension funds amounting to US$7.7 billion due to investments in U.S. rates, estimated to have a total impact exceeding US$11 billion on pension savings. The Fund E, recognized as the most conservative in the system, which includes nearly 770,000 affiliates—over 60,000 of whom are over 60 years old— experienced a real drop of 10.4% between January and September 2026, marking the second worst performance on record. Meanwhile, Fund D saw a decrease of 6.38% during the same period.

In light of this situation, «Devuelvan la Plata» aims to mandate that AFPs compensate workers for the losses in their pension savings attributed to these speculative financial operations.

The proposal, which has also been endorsed by deputies Juan Santana (PS), Consuelo Veloso (FA), Marisela Santibáñez (IND), Daniela Serrano (PC), Gustavo Gatica (IND), Nathalie Castillo (PC), Lorena Pizarro (PC), and Emilia Nuyado (PS), establishes a maximum one-year timeframe for the administrators to return the lost resources, adjusted according to the Consumer Price Index (CPI).

Chamber Approves Admissibility of «Devuelvan la Plata»

With 75 votes in favor, 53 against, and 2 abstentions, the Chamber of Deputies approved the admissibility of the bill on Monday.

«We won 73 to 53 and the project forcing AFPs to refund what was lost in Funds D and E continues forward,» celebrated Deputy Santana in a message shared on his social networks, indicating that the initiative is set to return to the Chamber for further legislative discussion despite negative votes from the ruling party members.

«The right voted against it, although those losses fell on workers who chose the safer fund. We need to expedite the process now,» he emphasized.

«Despite the ruling party’s opposition, who at this point are effectively the ‘AFP Caucus’, we just secured the admissibility of the bill that we presented alongside Deputy Luis Cuello, demanding that the AFPs reimburse their affiliates for the lost funds in the lower-risk funds,» Santana stressed.

For the deputy from the Atacama Region and journalist, the discussion around «Devuelvan la Plata» within the Chamber will test the stance of the lawmakers, revealing who supports the AFPs and those who seek to compensate affiliates for the significant losses.

«It will be a moment to see who is willing to defend the savings of workers and who prefers to continue protecting the AFPs and their industry,» asserted Santana.

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