<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0120-4645</journal-id>
<journal-title><![CDATA[Cuadernos de Administración (Universidad del Valle)]]></journal-title>
<abbrev-journal-title><![CDATA[cuad.adm.]]></abbrev-journal-title>
<issn>0120-4645</issn>
<publisher>
<publisher-name><![CDATA[Universidad del Valle]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-46452019000100070</article-id>
<article-id pub-id-type="doi">10.25100/cdea.v35i63.6139</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Real Returns of Private Pension Funds in Colombia]]></article-title>
<article-title xml:lang="es"><![CDATA[Retornos reales de los Fondos Privados de Pensiones en Colombia]]></article-title>
<article-title xml:lang="fr"><![CDATA[Rendements réels des caisses de retraite privées en Colombie]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Salazar Guatibonza]]></surname>
<given-names><![CDATA[Flor Esther]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Nacional de Colombia Faculty of Economics ]]></institution>
<addr-line><![CDATA[Bogotá ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>04</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>04</month>
<year>2019</year>
</pub-date>
<volume>35</volume>
<numero>63</numero>
<fpage>70</fpage>
<lpage>88</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-46452019000100070&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-46452019000100070&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-46452019000100070&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract On the performance of the private pensions system in Colombia, Individual Savings Regime with Solidarity - RAIs (per its acronym in Spanish), the results are often highlighted in terms of profitability; a thesis upheld by the fund Managers industry. In order to evaluate how significant the real returns generated by this scheme have actually been, from a database of daily transactions by the pension funds from 1995 to December 2016, and using the methodology established by the Superintendencia Financiera de Colombia (SFC-Financial Superintendence of Colombia) for the calculation of returns, was determined the net return on explicit administration costs to be borne by the members and inflation adjustment. Such endeavor found that for the moderate, fund since they began operating, their actual profitability from the perspective of their affiliates has been close to zero, as has been the trend for conservative and higher risk funds, which in recent years tended to become negative. Based on these results, we discuss the benefits that are usually attributed to individual capitalization systems in terms of high returns, better pensions, and savings protection, which contrast with the low pensions, or impossibility attaining one, that is starting to become evident in private pension funds in Colombia.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Sobre el desempeño del sistema privado de pensiones en Colombia, Régimen de Ahorro Individual con solidaridad - RAIs, se suele resaltar los resultados en términos de rentabilidad, tesis defendida por la industria de Administradoras de fondos. Con el objetivo de evaluar qué tan significativos han sido los rendimientos generados por este esquema en términos reales, a partir de base de datos de movimientos diarios de los fondos de pensiones desde 1995 hasta diciembre de 2016 y usando la metodología establecida por la Superintendencia Financiera de Colombia (SFC) para el cálculo de rentabilidades, se determina la rentabilidad neta de costos de administración explícitos que debe asumir el afiliado y de ajuste por inflación. A partir del ejercicio realizado se encuentra que para el fondo moderado desde el inicio de operación de estos fondos la rentabilidad real desde la perspectiva del afiliado ha sido cercana a cero, igual ha sido la tendencia para los fondos conservador y de mayor riesgo que en los últimos años tienden a tornarse negativas. A partir de los resultados se discute sobre los beneficios que suelen atribuirse a los sistemas de capitalización individual en términos de altos retornos, mejores pensiones y protección de ahorros, que contrastan con las bajas pensiones o imposibilidad de pensión que se empieza a hacer evidente en los fondos de pensiones privados en Colombia.]]></p></abstract>
<abstract abstract-type="short" xml:lang="fr"><p><![CDATA[Résumé Sur la performance du système de retraite privé en Colombie, Régimen de Ahorro Individual con solidaridad - RAI (Plan d&#8217;épargne individuel solidaire), les résultats sont généralement mis en évidence en termes de rentabilité, une thèse soutenue par l&#8217;industrie de la gestion de fonds. Afin d&#8217;évaluer l&#8217;importance réelle des rendements générés par ce régime, à partir d&#8217;une base de données des mouvements quotidiens des fonds de pension de 1995 à décembre 2016 et en utilisant la méthodologie établie par la Surintendance des Finances de Colombie, pour calculer les rendements, on détermine la rentabilité nette des coûts administratifs explicites à assumer par la filiale et l&#8217;ajustement pour inflation. Depuis le début de l&#8217;exploitation de ces fonds, la rentabilité réelle du point de vue de la société affiliée a été proche de zéro, de même que celle des fonds conservateurs et plus risqués qui, ces dernières années, ont eu tendance à devenir négatifs. Sur la base des résultats, nous discutons des avantages habituellement attribués aux systèmes de capitalisation individuelle en termes de rendement élevé, de meilleures pensions et de protection de l&#8217;épargne, qui contrastent avec les faibles pensions ou l&#8217;impossibilité de pension qui commence à se manifester dans les fonds de pension privés en Colombie.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Individual capitalization]]></kwd>
<kwd lng="en"><![CDATA[Real returns]]></kwd>
<kwd lng="en"><![CDATA[Pensions]]></kwd>
<kwd lng="en"><![CDATA[social security]]></kwd>
<kwd lng="es"><![CDATA[Capitalización individual]]></kwd>
<kwd lng="es"><![CDATA[Retornos reales]]></kwd>
<kwd lng="es"><![CDATA[Pensiones]]></kwd>
<kwd lng="es"><![CDATA[seguridad social]]></kwd>
<kwd lng="fr"><![CDATA[Capitalisation individuelle]]></kwd>
<kwd lng="fr"><![CDATA[Rendements réels]]></kwd>
<kwd lng="fr"><![CDATA[Retraites]]></kwd>
<kwd lng="fr"><![CDATA[Sécurité sociale]]></kwd>
</kwd-group>
</article-meta>
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