What will the transition from the current pension system to the one proposed in the reform be like |  jubilation |  my finances

One of the question degrees that can arise about the pension reform is the transition process that this has with the actual retirement system.

In the reform document, it is explained that the transition regime will not affect people who are close to obtaining their pension during the process of discussion in the Congress of the Republic and implementation (if approved) You can do it with the current system.

(Download and consult the text of the pension reform here).

«For people who, upon the entry into force of this Comprehensive Old Age social protection system, will have 1,000 weeks of contributions, Law 100 of 1993 and the regulations that modify, repeal or replace it will continue to be applied in their entirety.«.

Mauricio Olivera, Vice Chancellor of the Universidad de los Andes and former President of Colpensionesexplained this section, reaffirming that there will be respect for the retirement process of people close to retiring from the labor market to enjoy their savings.

(‘Having a dignified old age’, key to the pension reform for Petro).

«What the proposal proposes is a transition. All reforms have a transition and, going to extremes, one cannot change the rules of the game for a person who is sunk in retirement age, compared to a young man who has been contributing for a day”.

While the people who They will have more than 1,000 weeks of contributions, they will have less than 10 years left before the pension age and they will be in the transfer process, As mentioned in the article, «They will have two years from the promulgation of this law to move from the regime with respect to the previous regulations (Law 100 of 1993), after the double advice that Law 1748 of 2014 deals with.«.

(‘Low interest can come for other types of credits’).

Faced with this area, the expert stated that this term should be longer, however, he stressed that, As understood by the reform, it is a viable and transparent system.

«What the reform proposes is that all those who have been listed for 1,000 weeks or more remain in the previous regime and the rest move. I would expect that transition process to be extended further; It will be 10 years and, furthermore, not only by quoted weeks but, eventually, by age. But beyond that, it gives me peace of mind that the resources are not going to be used for other things.Olivera emphasized.