The Financial Superintendence of Colombia issued a reminder that Colpensiones affiliates who are not in the transition regime and whose monthly income exceeds 2.3 statutory monthly minimum wages (SMLMV) must select an administrator for the Complementary Individual Savings Component (ACCAI) under Colombia’s new integrated social protection system for old age, disability and death from common causes. The six-month election window set by Law 2381 of 2024 runs from 16 July 2024 and expires on 16 January. The choice can be made once, either through Colpensiones or directly with the selected ACCAI, and affiliates who do not choose by the deadline will be assigned an ACCAI at random through a mechanism to be defined by the national government. Under the new system, contributions up to 2.3 SMLMV remain in the pay-as-you-go component managed by Colpensiones, while amounts above that threshold are contributed to the complementary individual savings component administered by the chosen ACCAI. Eligible ACCAI providers can include pension fund managers, fiduciary companies, life insurers, broker-dealers, Colpensiones and authorised non-profits supervised by the SFC, subject to SFC authorisation and capital, governance and operational requirements in the law and Decree 1558 of 2024. The SFC has published and will update the list of entities that have accredited the requirements set by the Ministry of Finance and Public Credit to manage these resources. Law 2381 of 2024 enters into force on 1 July 2025, when the selected ACCAI will begin administering contributions made above 2.3 SMLMV, and contributors may change ACCAI after six months of participation.
Superintendencia Financiera de Colombia 2025-01-10
Financial Superintendence of Colombia reminds higher income Colpensiones affiliates to choose an ACCAI by 16 January
The Financial Superintendence of Colombia reminded Colpensiones affiliates earning over 2.3 statutory monthly minimum wages to select an administrator for the Complementary Individual Savings Component (ACCAI) under the new social protection system. The selection window, as per Law 2381 of 2024, runs from 16 July 2024 to 16 January 2025, after which non-selecting affiliates will be randomly assigned an ACCAI. Eligible ACCAI providers include pension fund managers, fiduciary companies, and others, subject to authorisation and regulatory requirements.