The Dominican Republic's Pensions Superintendency (SIPEN) set out its strategy to strengthen retirement saving, focusing on workers in the informal economy and Dominicans living abroad. The centrepiece is the active promotion of Complementary Pension Plans as a fully digital, voluntary savings mechanism aimed at expanding pension system coverage. SIPEN highlighted labour informality, affecting more than half of the country’s workforce, as the main obstacle to broader participation in the pension system. The complementary plans are designed to support flexible contributions, including via bank transfers and loyalty programmes with partner merchants. SIPEN also flagged ongoing sustainability challenges linked to low contribution levels and raised the possibility of introducing minimum guarantees, including a minimum guaranteed pension, to improve predictability for savers.
Pensions Superintendency (SIPEN) 2025-05-19
Dominican Republic's Pensions Superintendency promotes digital voluntary complementary pension plans to expand coverage beyond formal employment
The Dominican Republic's Pensions Superintendency (SIPEN) announced a strategy to enhance retirement savings for informal workers and Dominicans abroad through digital, voluntary Complementary Pension Plans. These plans aim to increase pension coverage with flexible contributions and partnerships with merchants. SIPEN also addressed sustainability issues due to low contributions and is considering minimum guarantees for savers.