Each quarterly pension funds send their affiliates the pension statement with which they can know the movements of their account. That is, where the pension contributions are recorded.
(Read: Letters from unions and AFP for the pension reform: this is what they propose).
These types of extracts have information such as: the amount of the mandatory contributions and the value of the voluntary contributions to the mandatory pension (if applicable). Along with this, the returns obtained, the total balance saved at the cut-off date, the multi-fund where the contributions are made, the total number of weeks contributed throughout life in both the private and public funds, information on the pension bonus and all the movements of the individual savings account in the quarter.
Keys to understanding your pension statement
1. The first thing is to review Personal information. That is, the name, your identity card, the date on which the affiliation began and the fund in which you make your contributions.
2. Next to it, you will find the extract period. In a few words, the dates of the report you are consulting. Also, an extract number and the date it was issued.
3. Afterwards, you can View the summary of your pension savings. There you will find the total weeks of contribution and the time of affiliation to the General Pension System. In case you have been in both mechanisms, the public and private, you will see weeks you have accumulated in each one. In turn, they will inform you of the total membership time.
(In addition: Colombia, the fourth country in Latin America with the lowest pension age).
4. Subsequently, the extract must show you your required contributions. That is, what you contribute monthly to the fund. Also if you have made voluntary contributions and, among the key data, the returns you have generated with your pension savings. This would give you a total of your saved balance.
5. Finally, in the extract you can find the summary of your individual savings account throughout your working lifel through a graph that shows your contributions and yields. On the other hand, you will be able to see the distribution of your savings according to the type of fund: moderate or higher risk.
Some statements include the return of the fund, the minimum required and that of the individual account. Also, the last movements of your individual savings account by quarter.
(In addition: Colpensiones: criticism for the use that would be given to pension savings).
BRIEFCASE