Pension Funds Administrators pensions Pension Funds retirement fund operator AFP Crecer Mergers & Acquisitions Protección S.A. Superintendent of Pensions (Costa Rica) fusion Édgar Robles Alberto Culver Company Asamblea Legislativa (El Salvador) Asesuisa Asociación Salvadoreña de Administradoras de Pensiones Attorney General (Costa Rica)

Salvadoran Pension Fund sold to Colombians

99.99% of AFP Crecer was acquired for $103 million by Colombian company Protección S.A.

Monday, January 31, 2011

©image: AFP Crecer

While the transaction has already been signed by both companies, the approval of financial supervisory authorities still remains.

"Proteccion SA is a pension fund manager which manages pension savings for more than three million workers across Colombia," published Laprensagrafica.com.

Source: laprensagrafica.com

Key entities

Protección S.A. Superintendencia de Pensiones (El Salvador) AFP Crecer

Countries

El Salvador Colombia

Insight

Pension Funds Administrators pensions Mergers & Acquisitions

Flexiblity in Pension Fund Investments

March 2012

Given the low returns from pension funds in El Salvador, there is discussion on removing the requirements for operators in order to invest in more instruments.

The pension fund administrators (AFP in Spanish) and the government are exploring alternatives for increasing the profitability of the pension savings system.

New Proposal for Improving Pension Collections

April 2012

The Salvadoran Association of Pension Fund Administrators has presented proposals to increase collection and maximize pension returns.

Among other proposals, there is a suggestion to rise the interest rate paid by the Government for the certificates that are purchased, in an obligatory fashion, using pension savings, going from an average rate of 1.49% to 4% or more.

Less Commission for Pension Funds

March 2012

The government of El Salvador is promoting a reform to lower the percentage of commission given to the AFP from contributions, from 2.7% to 2.2% and that seeks to improve yields for contributors.

The government of El Salvador has listed a series of reforms to the pension law. One is to reduce the commission received by the AFP from 2.7% to 2.2% for each contribution in order to increase the returns to workers.

How Pension Funds Administrators Manage the Crisis

October 2009

Business Magazine América Economía presented its 2009 ranking for the industry, along with an analysis of its key aspects.

América Economía's 2009 Pension Fund Administrator ranking lists the top 100 Latin American operators. Three are from Central America: Confía and Crecer from El Salvador, 46th and 50th, and Costa Rica's "Popular Pensiones", in the 96th position.

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