Resumo

CARLOS LEON, Alejandro Reveiz; LASERNA, Juan Mario  e  MARTINEZ, Ivonne. Recommendations for the Modification of Colombian Pension System Regime Alejandro Reveiz . Ens. polit. econ. [online]. 2008, vol.26, n.56, pp.77-113. ISSN 0120-4483.

This essay evaluates the regulation related with Colombian Compulsory Pension Funds’ (FPO) portfolio management. Based on authors’ previous research and the analysis herein presented, it is concluded that applicable FPO’s regime requires certain modifications. Main modifications would consist of: i) easing FPO’s investments regime, since it limits managers’ ability to reach superior risk return combinations with greater diversification benefits; ii) to adopt a multifund scheme, which would allow managers to offer portfolios that replicate beneficiary’s risk profile, and iii) to reform manager’s minimum required return and remuneration mechanisms, insofar they foster inefficient investment strategies. The authors consider these modifications key in order to align beneficiary’s and administrators’ economic incentives, resulting in a more efficient pension system.

Palavras-chave : Pension Funds Regulation; Efficient Frontiers; Multifunds; Benchmark; JEL Clasification; G18; G11; G23.

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