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1 results

  • Early pension withdrawals in Chile during the pandemic

  • Olga M. Fuentes, Olivia S. Mitchell, Félix Villatoro
  • Journal:
    Journal of Pension Economics & Finance , First View
    Published online by Cambridge University Press:
    22 August 2023, pp. 1-26
    • Article
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  • At the onset of the Covid-19 crisis, and with one of the largest and best-funded defined contribution programs in Latin America, Chile held over USD $200 bn in assets (or more than 80% of GDP). Reacting to populist pressures during the pandemic, however, the Congress gave non-retired participants three separate opportunities to tap into their retirement accounts, leaving some 4.2 million participants with zero retirement savings and draining around $50 bn from the system. This paper explores several hypotheses regarding why people withdrew their pension money early, and it also presents evidence regarding the likely impact of this short-term policy on long-term retirement wellbeing. We conclude with lessons for global policymakers seeking to protect pension assets critical for retirement security.