Sunday, May 15, 2011
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The attempt to liberalise the Retirements Benefits Sector was largely informed by and moulded on the Chilean model. In May 1981, Chile took on what the world then saw as a ballsy move moreover by a socialist country, the privatisation of Social Security. The contribution system was to be managed solely by private management pension funds. This model grew rapidly and by February 2005 private pension funds controlled US$61 billion, at the time, more than 55 per cent of Chile’s GDP.