Colombia Pension Group Slams Petro’s Proposal as ‘Expropriation’
- Group rejects Petro’s statement that money in funds is public
- Primaries show Petro as frontrunner in presidential election
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The proposal by Colombian presidential candidate Gustavo Petro to transfer money from private pension accounts to the public system amounts to “expropriation”, according to the head of the nation’s pension fund association.
In a debate this week, Petro said that 18 trillion pesos ($4.7 billion) of pension fund assets could be shifted to the parallel public system Colpensiones, and accused private pension providers of charging excessive fees.