Bolivian Senate Approves Nationalization of Pension Fund System
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Bolivia’s Senate approved President Evo Morales’ plan to nationalize the pension system and lower the retirement age in the South American country.
The move, approved late last night, will transfer administration of Bolivia’s pension funds from Futuro de Bolivia S.A., managed by Switzerland’s Zurich Financial Services AG, and Prevision S.A., managed by Spain’s Banco Bilbao Vizcaya Argentaria SA, to state entity Gestora Publica de la Seguridad Social de Largo Plazo, Viviana Arinez, a Finance Ministry spokeswoman, said in an e-mail.