Uruguay's Ministry of Economy and Finance, together with the Office of Planning and Budget, has opened a formal exchange with pension savings fund administrators to develop a joint work agenda on the organization, operation and regulation of the mandatory individual retirement savings regime. The timetable agreed with the National Association of AFAPs and República AFAP will assess possible changes aimed at improving the regime's functioning, increasing accumulated net returns for affiliated workers, reducing costs and improving operational efficiency, while also considering measures to develop the domestic capital market. The exercise follows recommendations from the Social Dialogue document submitted to the Executive on 28 April 2026. Those recommendations maintained Uruguay's three-pillar pension structure, confirmed that the mandatory capitalization pillar will continue to be managed by professional public and private pension fund administrators, kept individual accounts as non-transferable property of each member, and maintained supervision and regulation of administrators in line with international standards. The agreed agenda will review operating costs and the level and structure of commissions, the regulatory framework for competition among AFAPs and for management of investment portfolios, the organization of the relationship between members and administrators, and actions to deepen and improve liquidity in the domestic securities market, especially in local currency, in line with the objectives of the Ministry of Economy and Finance and the Central Bank of Uruguay. The work plan is due to produce a document with preliminary conclusions that will be made public within the next 60 days.

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