"Financial Sector Dimensions of the Colombian Pension System" / Rudolph, Cheikhrouhou, Rocha y Thorburn. World Bank Working Paper No. 106, 2007.

Del 2007 para acá, ya los portafolios se han diversificado, yo no es problema; pero el problema de los costos e ineficiencia sigue siendo el mismo o peor.

"This paper provides an assessment of the funded pension system and the quality of the regulatory framework for both accumulation and payout phase.

It suggests that the lack of portfolio diversification may contribute in the future to low returns and poor pensions and provides a number of recommendations to expand the opportunities of investments to pension funds.

The paper also finds that pension fund administrators are not exploiting the scale economies in certain areas of the business such as collection of revenues and account management, and propose mechanisms to reduce costs and increase efficiency through greater competition.

The paper examines the products and options offered at the retirement age, and finds a bias toward the payment of pensions in the form of lump sums and suggests alternatives for improving the availability of other instruments. Enhancements in the regulatory framework of insurance companies are also proposed."

Source: Financial Sector Dimensions of the Colombian Pension System