Pension Reform Bill in Colombia: A Critical Analysis from a Risk Management Approach

The Colombian government 2022–2026 presented a pension reform bill that is being considered by the Congress of the Republic and has generated a great deal of controversy in Colombian society. From an actuarial point of view, we carry out a critical analysis of the positive points and opportunities for improvement that the reform could bring. We address varied points, grouped according to different types of risks that we define, such as an update of the mortality tables for male and female annuitants, coverage of the minimum wage slippage, and the strengthening of the corporate governance of the state pension administration entity, among others. We hope this article helps the government make informed, evidence-based decisions that promote social equity with fiscal responsibility, as well as greater present and future well-being for Colombia’s elderly population.