The Changes in Pensions Would Come with Various Legal Risks
Labor attorney Camilo Cuervo was cited in an article published by Semana magazine as part of its special edition, "Attorney Rankngs: What Are the Challenges That the Legal Sector Faces?" The article takes a look at Colombia's proposed pension reform that would transfer private funds to Colpensiones and its affiliates. Mr. Cuervo commented on the risks associated with the reform, such as the financial burden that is necessary for the massive movement of funds.
"The idea of expropriating pension savings funds to allocate them to subsidies could generate a significant financial burden in the future, that will fall back not only on the current government, but also will have repercussions in the long and medium terms in the pension system," he said.