Take this right seriously so that you choose with time and knowledge the best option, whether it is a private fund or Colpensiones. Every worker knows that he must contribute to a pension and, at the time of hiring, he joins a private fund or Colpensiones. However, there is a lot of ignorance regarding and, above all, to which regime it is best for us to belong.
During the first 20 years of the existence of the system of competing pension schemes, workers simply decided and expressed their willingness to join the relevant entity. According to the book “How are we going to retire?”, by the editor of Economy of El Tiempo, Mauricio Galindo, of the people who in 2013 decided to move from a private fund to Colpensiones only 24.2 percent had the possibility of retiring, while 75.8 percent would not achieve it; Therefore, it had to wait for the return of contributions that are updated with inflation and are lower than those of private funds.
In view of this, the so-called “Double Advice” was created, which is that if you want to change your regime you must first have two free consultancies: one offered by the regime in which you are currently and another that they offer you from the regime of your interest. It is valid to say that, as of October 2018, this is a right for any worker regardless of age, and both private funds and Colpensiones are obliged to offer this double advice.
What is done in this double service is that both the private fund and Colpensiones review the information of your work history, that is, all the contributions made by you during your working time, to date. In addition, projections on age and pension amount are specified. Also, weeks quoted when you reach the pension age and alternatives if you do not meet the requirements to retire, depending on the rules of each regime.
In the two consultancies you receive data from your old-age pension projection in different scenarios.
“It is worth taking this double advice seriously, not as another requirement, because that information that comes out there is vital to avoid making a wrong decision, because each story of each worker is different, there are no general rules,” recommends Mauricio Galindo, in an interview with elempleo.com.
Then, depending on your particular circumstances, you may be better suited to a private fund or Colpensiones. Do not run the risk of making a wrong decision, contact the respective entity and schedule your advice.