Chile's Superintendence of Pensions (SP) has opened a public procurement process to hire a consultancy to design Generational Funds, Reference Portfolios, investment performance metrics, and a reward and penalty framework linked to the performance of administered funds, as inputs to the new pension fund Investment Regime required by Law No. 21.735. The consultancy is expected to produce a proposed Investment Regime for Generational Funds, with a latest publication deadline of September 2026, ahead of a planned transition from the current multi-fund structure to Generational Funds in April 2027 and a 36-month transitional period for gradual investment adjustment. The tender budget is capped at CLP 444,000,000 and is open to Chilean and foreign natural and legal persons meeting the requirements, including methodologies to evaluate volatility, returns and risk consistent with pension objectives, criteria for selecting replicable and liquid market indices, and a proprietary model to simulate pension savings accumulation and decumulation or life-cycle portfolio construction adapted to the Chilean system. Questions and clarifications are open until 23 June 15:00, with responses due by 2 July 18:00; bids and the bid bond are due by 18 July 14:00, bids will be opened at 16:00 the same day, and contract award is scheduled for 7 August 2025.

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