Members of Colombia’s pension system will have to make a number of significant changes to the way they manage their retirement savings. This is part of the implementation of the Pension Reform in Colombia through Law 2381 of 2024, which will take effect from 1 July 2025. Following the publication of the reform in July 2024, the key pillars of the reform are highlighted, including the Solidarity Pillar, the Semi-Contributory Pillar, the Contributory Pillar and the Voluntary Savings Pillar.
A pivotal element of the reform is the establishment of Administrators of the Complementary Component of Individual Savings (ACCAI). These entities are responsible for the management of supplemental savings above the stipulated monthly legal minimum wage (SMMLV). This component is of paramount importance, as it oversees contributions exceeding this threshold, enabling affiliates to enhance their future pensions.
What measures should the member undertake?
Despite the 16th of January 2025 deadline for selecting an ACCAI, those who haven’t chosen will be randomly assigned one by the Government. Individuals can change their ACCAI every six months. This choice is mandatory for those not under the transitional regime and with incomes over 2.3 SMMLV. Various private entities are available, and this decision takes effect from 1 July 2025.
As already mentioned, the Contributory Pillar stipulates that contributions up to 2.3 SMMLV will continue to be managed by Colpensiones, while the excess will be transferred to the chosen ACCAI. This choice has a direct impact on the management of pension savings, so it is essential that members review their situation and make the right choice. These are the steps to follow:
- Income verification: those with incomes above 2.3 SMMLV and who are not under the transitional regime should have chosen an ACCAI.
- Confirmation of choice: if they have not made their choice, the government will do so at random.
- Pay attention to the change: from 1 July 2025, contributions will be divided between Colpensiones and the ACCAI chosen.
The reform of the pension system introduces a range of potential benefits for individuals. In this regard, it is imperative for companies and individuals to be cognizant of the legal deadlines and requirements that pertain to this process.
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All information contained in this publication is up to date on 2025. This content has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this chart without obtaining specific professional advice.No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this content, and, to the extent permitted by law, AUXADI does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this chart or for any decision based on it.