Original article: «El ahorro obligatorio de millones de trabajadores no es un casino»: No+AFP prepara acciones judiciales contra las administradoras por millonarias pérdidas

No+AFP Launches Legal Actions Against Pension Fund Administrators Over Significant Losses, Declares Workers’ Savings Are Not a Gambling Casino

The No+AFP Coordinator made it clear that «the compulsory savings of millions of workers are not a casino» and announced that it is preparing collective legal actions in response to the substantial pension losses documented in 2026.

In a statement, the organization argued that given the historic losses in Fund E and Fund D, estimated at $11 billion, there is an urgent need to «transition from digital indignation to a rigorous legal and financial strategy», aimed at establishing potential accountability for pension fund administrators and regulatory bodies and seeking financial restitution.

The coordinator criticized pension funds for presenting the «catastrophe» of losses as a normal market fluctuation or part of a long-term investment strategy, since the evidence indicates that there was a «reckless exposure to derivatives and interest rate swaps, turning the most conservative fund in the system into a high-risk scenario for current and future retirees.»

The organization reminded that pension fund administrators have strict legal obligations for security, profitability, and risk management, asserting that «when these are violated, public trust is broken.»

For this reason, the group indicated it will not accept «that this damage be treated as an anonymous accident of the market».

«There are administrators, regulators, and decisions with names and surnames that must answer before the courts,» they emphasized.

Financial Audit and Lawsuits Against Pension Funds and the State

In this context, No+AFP has called upon affected affiliates, lawyers, economists, actuaries, and accountants to form an interdisciplinary working group that includes three lines of action.

The first is to push for a financial audit and to assess filing civil lawsuits against the administrators, with the aim of analyzing the transactions conducted and determining if there are grounds for demanding financial restitution and recovery of losses.

«To prove causality of the losses, the interdisciplinary team should reconstruct the complex derivative operations, measure exposure to rates, and determine actual losses,» explained the Coordinator.

Moreover, they noted that mere economic critique is insufficient, as every financial damage translates into a specific legal breach.

«The technical goal is to determine, for each pension fund, the difference between the existing pension assets and what there would have been under prudent management, judicially demanding full restitution for damages,» they stressed.

The second line of action focuses on studying a potential subsidiary lawsuit against the State and requesting the State Defense Council to take on the defense of those affected.

No+AFP indicated that the Superintendency of Pensions has explicit oversight powers that it failed to exercise, proposing to investigate what information it had about the funds’ exposure to financial derivatives and when it became aware of the associated risks.

Should this investigation prove to confirm late or negligent actions by the regulator while pension savings were being depleted, the group will file a subsidiary lawsuit against the State for lack of service.

Evaluation of the 2025 Pension Reform

The third line involves making a public statement and conducting an evaluation of the 2025 pension reform, which, according to the Coordinator, «not only maintained the mandatory individual capitalization intact but also increased the private business benefiting the pension fund administrators directly.»

«The affiliate is still required to contribute 10% to private administrators, bearing 100% of the financial risk due to poor decisions made by others,» they stated in the release.

Therefore, they announced plans to implement a public registry to formulate technical questionnaires and demand explanations from pension fund administrators, government officials, and lawmakers involved in the approval of the reform.

«We will require public explanations about what technical guarantees were offered to protect the funds against such collapses,» the group stated.

Registry of Affected Individuals and Review of Financial Operations

Regarding the roadmap for affiliates, the organization reported that it is working on a Voluntary Registry of Affected Individuals, targeting contributors and retirees who remained in Funds E and C during the 2025-2026 period.

Through this initiative, they aim to gather historical statements, balances, and other data that will allow reconstruction of the evolution of pension savings and calculation of potential individual damages.

Those affected by the decline of Funds D and E can join the registry via this link: https://forms.gle/nQyQC6ggnHwyQdkH9

The collection of this information will be a resource to build a comprehensive basis for calculating actual damages.

Additionally, No+AFP announced the establishment of an Interdisciplinary Technical Front that will bring together professionals from financial, accounting, and legal fields, responsible for «analyzing swap contracts, evaluating the investment policies applied, and drafting lawsuits.»

«Our proposal is concrete: economic restitution and historical clarification. In the face of traditional political passivity, workers will oppose with technical rigor, civic organization, and firm legal actions,» the organization asserted.

According to information from Bio Bío Chile and Diario Financiero, No+AFP has filed two protection actions against AFP Capital and AFP UNO before the Appeals Courts of Santiago and Puerto Montt.