Abstract

AGUDELO-TORRES, Gabriel Alberto; GAVIRA-DURON, Nora  and  FRANCO-ARBELAEZ, Luis Ceferino. Lowering the cost on pension funds: An alternative from the financial markets of Colombia and Mexico. Contad. Adm [online]. 2020, vol.65, n.4, 00014.  Epub Sep 13, 2021. ISSN 0186-1042.  https://doi.org/10.22201/fca.24488410e.2020.2507.

A relevant factor for the public finances of Latin American countries is the approximate calculation on the amount of pension funds actuarial reserves, financed through central, federal and regional entities. This article proposition is the strategy on the administration of pension fund portfolios, considering the asset pricing´s stochastic dynamic and integrating an approach on dynamic coverage these two elements allow to lower the cost on annuities applied to Colombia and Mexico. From Colombia, the strategy on pension fund administration saves approximately 28.64% of the public expense (4,583 million US dollars); for the case of Mexico, the saving is about 51.92% (22,690 million US dollars). The approach is relevant since it could liberate public resources invested in federal pension fund reserves with not only tax benefits but also social benefits mainly. The pension fund population may grow or even the resources invested could be redirected for other important people’s needs.

Keywords : C22; G22; H55; Actuarial reserves; Pension coverage; Financial derivatives; Pension systems.

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